Germany's Delivery Hero said it had priced the IPO of Talabat at 1.60 dirhams ($0.4357) per share for gross proceeds of about $2 billion.
Talabat, one of the Middle East’s largest food delivery platforms, is set to raise approximately $2 billion through the largest initial public offering (IPO) in the UAE. Its parent company, Germany’s Delivery Hero (DHER.DE), announced on Friday that the IPO was priced at AED 1.60 ($0.4357) per share, at the top end of the earlier indicated range.
Delivery Hero determined the final share price in consultation with its advising banks, it said.
On Wednesday, the company increased the offering size to 20% of Talabat’s stake, up from 15%, citing "significant international and regional investor demand."
The IPO on the Dubai Financial Market (DFM) follows Lulu Retail Holdings' recent flotation of a 30% stake in Abu Dhabi, which raised $1.72 billion, marking the UAE’s largest IPO this year.
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