Dubai Financial Market (DFM) has celebrated the successful listing of Talabat Holding. Talabat, the MENA region’s leading platform for on-demand food, grocery, and retail deliveries, raised AED 7.5B ($2B) in its IPO by offering 20% of its shares. This marks the largest technology IPO of 2024 globally, the largest IPO in the GCC this year, and the first technology sector IPO on DFM. Priced at AED1.60 per share, the offering generated significant interest from local, regional, and international investors.
Although shares rose by 7% at the start of trading, they closed 6.8% lower at AED1.49. Key investors included Emirates NBD on behalf of the UAE Strategic Investment Fund, the Abu Dhabi Pension Fund, and Emirates International Investment Company. The listing is DFM’s third successful one in 2024, showcasing Dubai’s growing reputation as a global capital market hub.
Helal Al Marri, Chairman of DFM, stated that the listing reinforces Dubai’s status as a dynamic financial hub, while Hamed Ali, CEO of DFM and Nasdaq Dubai, praised Dubai’s capital markets for attracting investor confidence. Talabat CEO Tomaso Rodriguez expressed excitement about the demand for the IPO and the company’s future growth.
Talabat operates across eight markets, including the UAE, Kuwait, and Egypt, and, as of September 2024, had over six million active customers, 65,000 vendors, and 119,000 riders. The listing strengthens Dubai’s IPO pipeline, which has raised AED 10.48B ($2.9B) in 2024, contributing to the UAE’s broader economic diversification efforts.
