Talabat, the popular food delivery company, has increased the size of its initial public offering (IPO) following strong investor demand.
The company announced on Wednesday that the IPO, now offering 20% of its total issued share capital, has been expanded to approximately 4.66 billion shares, up from the original 3.5 billion.
Despite the increase in shares, the price range remains unchanged at Dh1.50 to Dh1.60 per share. With the revised offering, Talabat could raise between Dh7 billion and Dh7.5 billion, assuming all shares are sold. The additional 1.16 billion shares will be allocated exclusively to professional investors in the second tranche.
The subscription for the first tranche of the IPO opened on November 19 and closed on November 27, with the second tranche remaining open until November 28. The move to increase the offering size comes after Talabat witnessed significant demand from both regional and international investors, including substantial anchor orders from global long-only and technology sector investors.
Talabat's IPO is now listed on the Dubai Financial Market, marking a significant milestone for the company as it continues to expand its presence in the market.
News Source: Khaleej Times
