Dubizzle Group, the leading digital classifieds marketplace in the MENA region, has announced its decision to postpone its planned initial public offering ("IPO") on the Dubai Financial Market.
In a statement, the Group said:
Since announcing its Intention to Float, Dubizzle Group has seen strong engagement and interest from investors, reflecting the Company's market leadership, profitability, and growth prospects across the UAE and Saudi Arabia. However, the Company has decided to postpone its planned IPO and assess optimal timing for the offering in the future.
Dubizzle Group remains focused on executing its strategy of growing its highly profitable UAE business and expanding its footprint in Saudi Arabia.
The decision is a remarkable about-face by Dubizzle, coming less than two weeks after the Group hailed "an exciting new chapter" when announcing its imminent flotation, and described as "a testament to the vision and execution of its leadership team" by one of the Group's prominent backers, Prosus.
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