Leading online food delivery platform Talabat Holding plc (“Talabat”) is ready to join the Dubai Financial Market (DFM) through an initial public offering (IPO). The company, a major player in the Middle East and North Africa (MENA) region, announced the details of its offering, sparking excitement among potential investors.
Key Takeaways:
- Offer Price Range: AED 1.50 – AED 1.60 per share
- Market Capitalization: Between AED 34.93 billion (USD 9.51 billion) and AED 37.26 billion (USD 10.15 billion)
- Shares Offered: 15% of total issued share capital (3,493,236,093 shares)
- Subscription Period:
- UAE Retail Investors & Eligible Employees: Nov 19 – Nov 27, 2024
- Professional Investors: Nov 19 – Nov 28, 2024
- Expected Listing: December 10, 2024 (approx.)
Talabat has received significant interest from both local and international investors. The company secured cornerstone investments totaling AED 918 million (USD 250 million) from prominent entities like the UAE Strategic Investment Fund, Abu Dhabi Pension Fund, and Emirates International Investment Company.
IPO Highlights:
- The IPO proceeds will not directly benefit Talabat as all offered shares are existing shares held by the company’s sole shareholder, Delivery Hero MENA Holding GmbH.
- Talabat boasts a strong presence in eight MENA countries with over 65,000 restaurants and grocery businesses leveraging its platform.
- The company emphasizes its well-defined growth strategy focused on product expansion, market penetration, and exploring new market opportunities.
Tomaso Rodriguez, CEO of Talabat, commented:
“We are delighted to open subscriptions for the Talabat IPO… Our well-defined growth strategy is focused on enhancing our product offering… With the region experiencing favorable socioeconomic conditions with a large and growing addressable market, we look forward to welcoming new shareholders to join us on our journey.”
The IPO is divided into two tranches: a public offering for UAE retail investors and another for professional investors. The subscription period allows potential investors to participate in the offering. The final offer price will be determined through a book building process and announced on November 29, 2024. Following regulatory approvals and market conditions, Talabat’s listing on the DFM is expected around December 10, 2024.
