Dubai-based classified advertising company Dubizzle Group has mandated Emirates NBD, Goldman Sachs, HSBC and Morgan Stanley for an IPO expected to take place in 2025.

Citigroup had been linked to the deal but has been replaced by Morgan Stanley and Goldman Sachs, according to a source close to the deal.

Early-look work is underway for a potential US$500m–$1bn deal.

The group rebranded in 2023 having previously traded as Emerging Marketplaces Group. In 2022 it raised US$200m in a funding round led by US-based Affinity Partners that gave it unicorn status.

In addition to its namesake Dubizzle platform, the group operates a number of online advertising platforms, including property sites Bayut and Zameen.

Source: IFR