Delivery Hero, the parent company of the leading food and Q-commerce delivery app Talabat, has unveiled plans to launch an initial public offering (IPO) for Talabat on the Dubai Financial Market (DFM) in the fourth quarter of 2024. This move marks a significant step for the company as it aims to further solidify its presence in the Middle Eastern market, capitalizing on the region’s growing demand for on-demand delivery services.
The announcement was out through an official statement on Thursday, where Delivery Hero outlined its intention to proceed with the IPO. However, the company stressed that the execution of this plan is subject to several conditions, including obtaining the necessary regulatory approvals, favorable market conditions, and further resolutions from both the Management Board and the Supervisory Board of Delivery Hero.
The company is taking a cautious approach, ensuring that all elements align before moving forward with the listing.
One of the key aspects of the IPO could involve a secondary sale of shares by Delivery Hero, which would allow the company to retain a majority interest in the local listing entity post-IPO. This strategy indicates Delivery Hero’s commitment to maintaining significant control over Talabat while opening up the company to public investment and expanding its financial footprint.
Talabat has established itself as a dominant player in the Middle East, offering a wide range of services, from food delivery to groceries, pharmaceuticals, and other essentials.
As the company moves closer to its IPO, both Delivery Hero and Talabat have committed to providing regular updates regarding the listing process, ensuring transparency and keeping stakeholders informed of any developments.