What Pakistani-founded Dubizzle Group's recent acquisitions mean for potential UAE IPO

Business Recorder

05-05-2025

Pakistani-founded, Dubai-based Dubizzle Group - an online marketplace giant whose well-known brands include the property website Bayut and the buying and selling platform dubizzle - recently acquired Property Monitor. The move comes amid buzz of an initial public offering (IPO) in the UAE that could be valued between $500 million and $1 billion.
The group was founded by Pakistani brothers Imran and Zeeshan Ali Khan. They co-founded real estate portal Zameen.com in 2006, which later evolved into the Dubizzle Group and which also includes online marketplace OLX Pakistan. A third brother, Haider, joined the venture in 2014. In 2022 the group raised $200 million in a funding round led by US-based Affinity Partners.
According to a statement announcing the acquisition, Property Monitor - which offers real estate data, analytics and insights - achieved revenue CAGR of 55% from 2022 to 2024 and attracts more than 7,700 monthly users, primarily real estate agencies and property developers.
The idea is that this data will make Dubizzle Group's own offerings more attractive.
'As a trusted and respected brand in the UAE, Property Monitor complements our market-leading platforms Bayut and dubizzle,' the statement quoted Haider, who is CEO of Dubizzle Group – UAE, as saying.
Haider added in the statement that the recent move 'reflects our broader strategy of targeted acquisitions that strengthen our ability to deliver an exceptional user experience across the region's real estate and automotive sectors.'
The announcement marks Dubizzle Group's third acquisition in two years, 'building on continued expansion in the digital marketplace space in the MENA region.' In February this year, it completed the acquisition of Hatla2ee, a marketplace in Egypt for used and new cars. Last year, it acquired Drive Arabia - a source for automotive news, reviews and car comparisons in the Middle East - to broaden its offering for car buyers and its advertising capability for automotive manufacturers.
The group said the acquisition of Property Monitor reflects its strategic approach to M&A – targeting complementary businesses in the MENA region.
But that's not all. 'This, and other acquisitions, once integrated, should also help in presenting a robust equity story and track record to potential investors for an eventual IPO,' Adnan Fazli, Middle East Capital Market specialist, told Business Recorder.
'The transaction represents acquisitive growth to help establish competitive advantage in the real estate sector and provide scale to the business,' he added.
Meanwhile George Pavel, general manager at trading platform Naga.com Middle East, said that the acquisition 'is particularly relevant given Dubizzle Group's widely reported IPO plans for 2025.'
'Incorporating Property Monitor enhances Dubizzle's financial profile and growth narrative. This could position the group more firmly as a data-centric technology leader, potentially justifying a higher valuation in its anticipated public offering,' he told Business Recorder.
'A key objective is to merge Property Monitor's comprehensive transaction and supply-side data with the extensive user demand insights derived from Dubizzle's classifieds platforms. This synergy could increase the value delivered to clients like real estate agencies and developers.' he added.
The IPO buzz
In October 2024 it was reported that Dubizzle Group had mandated Emirates NBD, Goldman Sachs, HSBC and Morgan Stanley for an IPO expected to take place this year.
More recently, on April 25 2025, Bloomberg reported that the group is 'sounding out equity investors over the coming weeks and is set to meet investors ahead of a potential IPO', citing people familiar with the matter, who also said the company has been planning a floatation since 2023, and has previously done similar rounds of outreach.
Details such as its size and timing are still under discussion, though some of the people said it could raise at least $500 million from a listing, Bloomberg said, adding that representatives for Dubizzle declined to comment. Previous reports have said the valuation could go as high as $1 billion.
Meanwhile, the report cited people familiar as saying that competing online portal Property Finder has also been sounding out equity investors on a so-called 'non-deal roadshow'.
Property Finder's investor meetings are also laying the groundwork for an eventual IPO, they said.
'The investor push comes amid the continued strength of Dubai's real estate market, where property prices have risen more than 70% in the past four years,' Bloomberg said.
Dubai Holding, an investment vehicle owned by the emirate's ruler, is also weighing a listing of two separate real estate portfolios to capitalize on this boom, it added.
Meanwhile, stock markets in the UAE are expected to receive between six to eight IPOs this year, with companies raising up to $10 billion amid strong investor appetite, the chief executive of Emirates NBD Capital said in March.
Copyright Business Recorder, 2025