Dubai-based classified ad portals Dubizzle and Property Finder are reportedly exploring the possibility of offering shares to the public in Initial Public Offerings (IPOs). According to Bloomberg, which cited sources familiar with the matter, both companies are taking steps to attract potential investors.

Dubizzle is preparing to engage with investors and aims to raise at least $500 million through its potential IPO. The company is in discussions with several financial institutions, including Emirates NBD, Goldman Sachs, HSBC, and Morgan Stanley, to seek advisory services for the IPO process. However, Dubizzle has chosen not to comment publicly on these developments.

On the other hand, Property Finder is also in talks with potential investors regarding a possible IPO. CEO Michael Lahyani mentioned that the company is actively engaging with equity investors and looking into ways to expand its capital structure, although he did not provide further specifics.

Last year, Property Finder was valued at approximately $1 billion and secured a $90 million debt facility from the US private equity group Francisco Partners. The real estate market in Dubai has experienced significant growth, with property prices surging more than 70 percent over the past four years, according to Bloomberg.