Talabat Holding plc has announced the price range for its initial public offering (IPO) on the Dubai Financial Market (DFM), with shares priced between AED 1.50 and AED 1.60 each.
This pricing values the company at an estimated AED 34.93 billion to AED 37.26 billion (approximately US$ 9.51 billion to US$ 10.15 billion).
The IPO will offer 3.49 billion shares, representing 15% of Talabat's total issued share capital. All shares are being sold by Delivery Hero MENA Holding GmbH, a subsidiary of Delivery Hero SE, listed on the Frankfurt Stock Exchange.
Key cornerstone investors, including the UAE Strategic Investment Fund, Abu Dhabi Pension Fund, and Emirates International Investment Company, have committed AED 918 million (US$ 250 million) to the offering. The subscription period begins today and closes on November 27, 2024, for UAE retail investors and November 28, 2024, for professional investors. The final offer price will be announced on November 29, 2024, with trading expected to commence on or around December 10, 2024.
Talabat CEO Tomaso Rodriguez highlighted the company’s strong growth trajectory, emphasizing its extensive network of 65,000 restaurants and grocery partners across eight MENA countries, and its six million active users.
“We are excited to welcome new investors as we continue to enhance our offerings and expand in the region,”
Rodriguez stated.
Emirates NBD Capital PSC, J.P. Morgan Securities PLC, and Morgan Stanley & Co. lead the IPO coordination. Emirates NBD Bank PJSC serves as the Lead Receiving Bank, supported by several others. The IPO has been certified as compliant with Shariah principles by Emirates NBD Bank's Internal Shariah Supervision Committee. Investors are advised to perform individual due diligence on Shariah compliance.
News Source: Emirates News Agency
