Skip to content Skip to Search
Skip navigation

Property Finder ‘likely’ to go public, says CEO

By Megha Merani
Property Finder operates websites across Mena serving more than 5.5 million monthly active users Aleksei Gorodenkov/Alamy via Reuters Connect
Property Finder operates websites across Mena, serving more than 5.5 million monthly users
  • Michael Lahyani considers IPO
  • Raised $90m from Fransisco Partners
  • Talabat IPO on Tuesday

Property Finder, a real estate platform in the Middle East and North Africa, is likely to go public, Michael Lahyani, its CEO, said.

“It’s not something that we’re actively working on, but Property Finder is likely to be a public company at some point,” he said at Abu Dhabi Finance Week on Monday.

“It’s just another way to get access to capital or bring liquidity to shareholders.”

Founded in 2007, Property Finder operates property portals across the Middle East and North Africa, serving more than 5.5 million monthly active users.

The platform, available in English and Arabic, caters to property seekers, real estate agents and developers.

In May Property Finder raised $90 million in debt financing from Francisco Partners to buy back shares held by its first institutional investor, Beco Capital.

The transaction, one of the first of its kind in the region, marked the second billion-dollar exit for Beco.

The transaction valued Property Finder at roughly double the $500 million valuation it secured in a $120 million funding round led by General Atlantic in 2018.

Face, Happy, Head Michael Lahyani, CEO of Property Finder, says the company is not actively working on an IPO but 'another way to get access to capital'Property Finder
Michael Lahyani, CEO of Property Finder, says the company is not actively working on an IPO but it is ‘another way to get access to capital’

Dubai’s residential market reported another solid performance in the third quarter of this year, with sale prices up 20 percent, rental rates up 18 percent in the first nine months of 2024 and off-plan sales accounting for 70 percent of transactions, according to a report by CBRE.

Lahyani’s comments come as the UAE prepares for the highly anticipated IPO of Talabat on Tuesday, which is expected to boost the Gulf state’s capital markets.

“Tomorrow is a very important day for the UAE stock markets,” Lahyani said.

Germany’s Delivery Hero, Talabat’s parent company, last month set the price for the IPO of the food delivery company at the top of the range.

The final IPO price was set at AED1.60 ($0.44) per share, enabling the company to raise AED7.5 billion ($2 billion).

Latest articles

Machine, Motor, Engine

Acwa Power joins China’s renewable energy surge

Saudi renewables major Acwa Power has struck joint ventures with Chinese companies to launch two renewable energy projects worth $312 million in China. The company, which trades on the Saudi Exchange (Tadawul), started due diligence on up to eight projects in China, CEO Marco Arcelli said last May. Acwa Power will develop a 132-megawatt (MW) solar photovoltaic […]

The 2023 earthquakes are estimated to have inflicted a $103.6 billion hit on the Turkish economy

Turkey to get $1bn from World Bank for quake recovery

Turkey will receive $1 billion (TL35.43 billion) from the World Bank this year to support the recovery of its earthquake-hit regions, a news report said. The total assistance from the World Bank to Ankara will reach $4 billion since the 2023 earthquakes. The World Bank and the International Finance Corporation work jointly on projects involving […]

Halliburton will help Iraq increase production at the Nahr Bin Omar oilfield from the current 50,000 bpd to 300,000 bpd

Iraq, Halliburton near deal to up oilfield output by 500%

Iraq is close to finalising a development deal with Halliburton, a US oil services provider, to expand the capacity of its Nahr Bin Omar oilfield by 500 percent, a news report said. The oil ministry and Halliburton are expected to sign a confidentiality agreement in the coming days, Bassem Abdul Karim, director general of state-owned […]

Epipoli owns the largest customer relationship management and loyalty programme in Italy, with over six million customers

Bahrain’s Investcorp agrees to buy Italy’s Epipoli

Bahrain’s Investcorp has finalised a deal to acquire Epipoli, an Italian alternative payments company. The asset will be purchased from London-headquartered private equity Bregal Milestone and Epipoli founder and CEO Gaetano Giannetto. Giannetto will continue to hold a significant minority stake and lead the company. No terms of the transaction were disclosed. Epipoli owns the […]