DIP Holding Plc 正寻求通过首次公开募股（IPO）筹集高达 5.43 亿美元，这将是自伊朗战争爆发以来阿拉伯联合酋长国（阿联酋）的首单 IPO，该交易将考验投资者对海湾地区上市项目的胃口。
DIP Holding Plc is seeking to raise as much as $543 million from the first initial public offering in the United Arab Emirates since the Iran war began, a deal that will test investor appetite for Gulf listings.
据彭博新闻社看到的交易条款，该公司唯一所有者 Dubai Investments PJSC 将出售 20% 股份，相当于约 17 亿股，发行价区间为每股 1.10 迪拉姆（0.30 美元）至 1.15 迪拉姆。按价格区间上限计算，DIP Holding 估值将达 100 亿迪拉姆。
The firm’s sole owner, Dubai Investments PJSC, is offering a 20% stake, equivalent to about 1.7 billion shares, at 1.10 dirhams ($0.30) to 1.15 dirhams apiece, according to terms of the deal seen by Bloomberg News. The top end of the range would value DIP Holding at 10 billion dirhams.
公司承诺在未来三年向投资者派发 5.92 亿美元股息。按 2027 年预期年派息 7.25 亿迪拉姆测算，发行价区间隐含的股息收益率最高可达 7.60%。
The company is offering investors $592 million in dividend payouts over the next three years. Based on the expected annual payout of 725 million dirhams for 2027, the price range implies a yield of as much as 7.60%.
彭博新闻社此前报道，鉴于地缘政治担忧，部分投资者曾呼吁 DIP 降低估值预期、提高派息水平，使其更接近开发商 Emaar Properties PJSC 约 9% 的收益率。
Some investors had called for DIP to temper its valuation expectations and offer higher payouts, closer to the roughly 9% yield from developer Emaar Properties PJSC, given geopolitical concerns, Bloomberg News has reported.
随着战争加剧海湾 IPO 市场的降温，此次交易应运而生。自冲突于 2 月底爆发以来，区域股市承压，迪拜证券交易所今年以来下跌约 5%。
The deal comes as the war amplifies a slowdown in Gulf IPO markets. Regional stocks have also come under pressure since the conflict began in late February, with Dubai’s exchange down around 5% this year.
DIP Holding 拥有迪拜投资园，该项目占地 2300 公顷（8.9 平方英里），紧邻迪拜两大物流枢纽：杰贝阿里港和阿勒马克图姆国际机场。因霍尔木兹海峡关闭，杰贝阿里港严重受阻；阿勒马克图姆国际机场正在进行 350 亿美元的扩建。作为阿联酋最大的综合用途项目之一，该园区容纳了仓库、酒店、零售商、学校和医疗设施。
DIP Holding owns Dubai Investments Park, a 2,300 hectare (8.9 square mile) development located close to two of Dubai’s major logistics hubs: Jebel Ali Port, which has been severely disrupted by the closure of the Strait of Hormuz, and Al Maktoum International Airport, which is undergoing a $35 billion expansion. Among the largest mixed-use projects in the UAE, it houses warehouses, hotels, retailers, schools and healthcare facilities.
Dubai Investments 的更广泛投资组合涵盖制造、房地产和金融服务等行业的约 30 家企业。该公司此前还曾将 Emirates Glass LLC 和区域制冷公司 Emicool LLC 列为潜在上市候选。
Dubai Investments’ wider portfolio includes holdings in roughly 30 businesses across industries including manufacturing, property and financial services. It has previously also earmarked Emirates Glass LLC and district-cooling company Emicool LLC as listing candidates.
DIP发行的认购期将从10月27日持续至11月3日，预计股份将于11月11日开始在迪拜证券交易所交易。
The subscription period for the DIP offering will run from Oct. 27 to Nov. 3, and shares are expected to begin trading on Dubai’s bourse on Nov. 11.