German online food delivery company, Delivery Hero, has announced plans for an initial public offering (IPO) of its UAE-based subsidiary, Talabat, on the Dubai Financial Market (DFM) in the fourth quarter of 2024.
The IPO will involve the sale of existing Talabat shares, while Delivery Hero will retain a majority stake. Talabat, founded in 2004, operates in several Middle Eastern and North African countries, including the UAE, Saudi Arabia, and Egypt. The IPO is subject to market conditions and regulatory approval from the Securities and Commodities Authority.
Delivery Hero has seen significant growth in the Middle East, with a 31% increase in sales in the second quarter of 2024, outpacing other regions. Additionally, in 2023, the company acquired the remaining minority shareholdings in Saudi Arabia’s HungerStation for $297 million, further consolidating its presence in the region.
News Source: Gulf Business
