Latest news with #KabirMulchandani
Arabian Business
2 days ago
- Business
- Arabian Business
Dubai's FIVE Holdings mulls IPO and listing in London or New York: Report
FIVE Holdings, the Dubai-based company that owns the FIVE brand of hotels, is said to be considering listing in London or New York, according to a Reuters report. Founder and Chairman Kabir Mulchandani, who has targeted a 2025 IPO for the past couple of years, had previously spoken of a primary listing in Dubai and a secondary listing in one of the international markets. The Reuters report cites three people with knowledge of the matter. Five Holdings IPO FIVE Holdings did not respond to Reuters' request for comments, but the agency said that London could be a strong candidate, given a majority of clients at FIVE's Ibiza clubs are British nationals and that business generates significant revenues for the group. In November 2023, FIVE Holdings acquired a 100 per cent equity interest in the Pacha Group, in a deal valued at €302.5m ($345m). That same year, Muchandani spoke about the IPO for the first time and said: 'The plan right now is 2025. For us, we are very well capitalised now, the goal is to continue to improve our transparency and our governance, to do the investor calls on a quarterly basis and to act like a public company, before we become a become a public company, and not to raise money and then figure out what to do. 'There are always a lot of advisors saying, look at Dubai, but also look at another international market. I think that may not be the correct advice to take it forward. 'The way the Dubai capital markets is developing over the last few years, it is entirely possible. At the end of the day, even though we are global, we are a made-in-Dubai company. So, for us, being part of Dubai capital markets is a critical part of our story.' Mulchandani also said that the IPO was very important for FIVE Holdings because of the employee stock options programme that it was rolling out. 'One of the major reasons why we would like to do this is because we are launching a very, very important employee stock option program,' said Mulchandani. 'A significant portion of the company is going to be dedicated to the employees over time. And this is not just the C-suite, not the CEOs and the senior people. This is down to the person who is going to bring your bags up to your rooms. 'It's a very widely distributed stock. The goal is to make sure that they have the liquidity and see what the value of the work and the effort they're putting in.' The company and its advisers are planning to start the listing process by the end of the year, two of the people in know told Reuters. The three people spoke on condition of anonymity because they were not authorised to speak publicly.
Yahoo
2 days ago
- Business
- Yahoo
Dubai's FIVE Hotels mulls IPO in London or New York
-- Dubai-based party hotel operator, FIVE Holdings, is contemplating a listing in either London or New York, according to a Reuters report on Wednesday. The company, owner of the Pacha hotel and nightclub, previously expressed interest in an initial public offering in Dubai. Kabir Mulchandani, the chairman and founder of FIVE Holdings, stated last year that the company was valued at up to $3 billion and was considering a dual listing. However, he did not specify potential locations. London could be a strong contender for the listing, given the majority of FIVE's Ibiza clubs' clientele are British nationals. This segment of the business significantly contributes to the group's revenues, the report added. Such a move could also provide a positive push for London's market, which has had difficulty attracting IPOs. Related articles Dubai's FIVE Hotels mulls IPO in London or New York Alibaba, shares rally on 618 festival gains Xiaomi targets strong 2025 growth with push into AI, EVs, and overseas markets Melden Sie sich an, um Ihr Portfolio aufzurufen.
Business Recorder
2 days ago
- Business
- Business Recorder
Dubai party hotel FIVE considers listing in London or New York
DUBAI: Dubai party hotel operator FIVE Holdings is considering listing in London or New York, three people with knowledge of the matter said. The company, which owns the Pacha hotel and nightclub, has been exploring an initial public offering in Dubai, it has said. Chairman and founder Kabir Mulchandani said last year the company was worth up to $3 billion and was considering a dual listing. He did not name possible locations. London could be a strong candidate given a majority of clients at FIVE's Ibiza clubs are British nationals and that business generates significant revenues for the group, one of the people said. An offering would be a boost for London, which has struggled to attract IPOs. FIVE did not respond to requests for comment. Dubai is the biggest tourism and trade hub in the Middle East, attracting a record 18.7 million international overnight visitors last year. Foreign investors accounted for 50% of the total trading value on the Dubai Financial Market exchange last year, exchange data showed. UAE seeks US trade deal to roll back Trump's steel and aluminium tariffs The company and its advisers are planning to start the listing process by the end of the year, two of the people said. The three people spoke on condition of anonymity because they were not authorised to speak publicly. FIVE operates luxury hotels in Ibiza and Switzerland as well as owning one of Dubai's biggest party hotels, where guests can park their top-of-the-range sports cars inside a nightclub for Dhs10,000 ($2,723). Guests can also rent its 16-passenger private jet for $14,000 an hour. This year's market volatility, triggered by U.S. President Donald Trump's policies, has weighed on global IPO activity, but the Gulf region has bucked the trend as both Saudi Arabia and the UAE have forged ahead with listing plans. They include Saudi budget airline flynas, which is seeking to raise over $1 billion, and Dubai Holding's residential REIT, whose shares rose almost 15% during its debut on Wednesday.
Reuters
2 days ago
- Business
- Reuters
Dubai party hotel FIVE considers listing in London or New York
DUBAI, June 4 (Reuters) - Dubai party hotel operator FIVE Holdings is considering listing in London or New York, three people with knowledge of the matter said. The company, which owns the Pacha hotel and nightclub, has been exploring an initial public offering in Dubai, it has said. Chairman and founder Kabir Mulchandani said last year the company was worth up to $3 billion and was considering a dual listing. He did not name possible locations. London could be a strong candidate given a majority of clients at FIVE's Ibiza clubs are British nationals and that business generates significant revenues for the group, one of the people said. An offering would be a boost for London, which has struggled to attract IPOs. FIVE did not respond to requests for comment. Dubai is the biggest tourism and trade hub in the Middle East, attracting a record 18.7 million international overnight visitors last year. Foreign investors accounted for 50% of the total trading value on the Dubai Financial Market exchange last year, exchange data showed. The company and its advisers are planning to start the listing process by the end of the year, two of the people said. The three people spoke on condition of anonymity because they were not authorised to speak publicly. FIVE operates luxury hotels in Ibiza and Switzerland as well as owning one of Dubai's biggest party hotels, where guests can park their top-of-the-range sports cars inside a nightclub for Dhs10,000 ($2,723). Guests can also rent its 16-passenger private jet for $14,000 an hour. This year's market volatility, triggered by U.S. President Donald Trump's policies, has weighed on global IPO activity, but the Gulf region has bucked the trend as both Saudi Arabia and the UAE have forged ahead with listing plans. They include Saudi budget airline flynas, which is seeking to raise over $1 billion, and Dubai Holding's residential REIT, whose shares rose almost 15% during its debut on Wednesday.
Zawya
2 days ago
- Business
- Zawya
Dubai party hotel FIVE considers listing in London or New York
Dubai party hotel operator FIVE Holdings is considering listing in London or New York, three people with knowledge of the matter said. The company, which owns the Pacha hotel and nightclub, has been exploring an initial public offering in Dubai, it has said. Chairman and founder Kabir Mulchandani said last year the company was worth up to $3 billion and was considering a dual listing. He did not name possible locations. London could be a strong candidate given a majority of clients at FIVE's Ibiza clubs are British nationals and that business generates significant revenues for the group, one of the people said. An offering would be a boost for London, which has struggled to attract IPOs. FIVE did not respond to requests for comment. Dubai is the biggest tourism and trade hub in the Middle East, attracting a record 18.7 million international overnight visitors last year. Foreign investors accounted for 50% of the total trading value on the Dubai Financial Market exchange last year, exchange data showed. The company and its advisers are planning to start the listing process by the end of the year, two of the people said. The three people spoke on condition of anonymity because they were not authorised to speak publicly. FIVE operates luxury hotels in Ibiza and Switzerland as well as owning one of Dubai's biggest party hotels, where guests can park their top-of-the-range sports cars inside a nightclub for Dhs10,000 ($2,723). Guests can also rent its 16-passenger private jet for $14,000 an hour. This year's market volatility, triggered by U.S. President Donald Trump's policies, has weighed on global IPO activity, but the Gulf region has bucked the trend as both Saudi Arabia and the UAE have forged ahead with listing plans. They include Saudi budget airline flynas, which is seeking to raise over $1 billion, and Dubai Holding's residential REIT, whose shares rose almost 15% during its debut on Wednesday. (Reporting by Hadeel Al Sayegh, Federico Maccioni in Dubai. Additonal reporting Charlie Conchie in London. Editing Anousha Sakoui and Barbara Lewis)
