Meed | Talabat IPO to raise up to $1.5bn

Talabat IPO to raise up to $1.5bn

19 November 2024

The planned initial public offering (IPO) of Dubai-based Talabat Holding on the Dubai Financial Market could raise $1.4bn-$1.5bn, its parent company, Berlin-headquartered and Frankfurt Stock Exchange-listed Delivery Hero, said on 18 November.

The approved price range for the shares in Talabat is AED1.50-AED1.60, or about $0.41-$0.44 a share.

In total, 3,493,236,093 shares of Talabat will be offered to investors during the offer period that will start on 19 November and is scheduled to end on 28 November.

Talabat is a food delivery and quick commerce business operating across the Middle East and North Africa region.

Delivery Hero said: "Depending on the final offer price, the gross proceeds to be received by Delivery Hero from the sale of 3,493,236,093 shares will be between AED5.2bn ($1.4bn) and AED5.6bn ($1.5bn). The final offer price is expected to be announced on 29 November 2024."

The company added that it may amend the size of the offering subject to required approvals of its company's management and of the UAE Securities & Commodities Authority.

The shares in Talabat are expected to start trading on 10 December.

Founded in Kuwait in 2004, Talabat is one of the region's largest food delivery and grocery platforms, with operations in Kuwait, the UAE, Qatar, Egypt, Oman, Bahrain and Jordan.

Delivery Hero acquired the startup in 2015 and now operates in more than 40 countries. It also partners with over 500,000 restaurants, according to its website.

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Jennifer Aguinaldo