Dubai, UAE — Talabat Holding has set the price range for its IPO between AED 1.50 and AED 1.60, implying a market capitalization at the time of listing of between AED 34.93 billion ($9.51 billion) and AED 37.26 billion ($10.15 billion).
A total of 3.493 billion shares will be made available in the offering, representing 15% of the company’s total issued share capital.
All Shares to be offered are existing shares held by the company’s sole shareholder, Delivery Hero MENA Holding, a wholly owned subsidiary of Delivery Hero, a public company listed on the Frankfurt Stock Exchange.
Emirates NBD acting on behalf of the UAE Strategic Investment Fund, Abu Dhabi Pension Fund, and Emirates International Investment Company will be cornerstone investors in the IPO with a total commitment of approximately AED 918 million ($250 million).
The IPO subscription period starts today and closes on 27 November 2024 for UAE Retail Investors and on 28 November 2024 for Professional Investors.
The final offer price will be determined through a book-building process and is expected to be announced on 29 November 2024.
Tomaso Rodriguez, Chief Executive Officer of Talabat, commented, “We are delighted to open subscriptions today for the Talabat IPO on Dubai Financial Market (DFM) having seen strong local and international investor interest since announcing our intention to float. Talabat was founded in the Middle East in 2004 and today we have over 65,000 restaurants and grocery businesses across our eight MENA countries and over six million active customers using our platform.”
