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.
Popular
Spotlight
More from Business
KSE-100 climbs 1% as energy and cement stocks surge ahead
Listen to an in-depth discussion on the circular debt settlement plan and its market impact with Shankar Talreja, Director Research at Topline Securities
More from World
South Korea's President Yoon free, trials continue after court quashes detention
Yoon remains suspended from duties, criminal and impeachment trials continue over imposition of martial law on December 3
Comments
See what people are discussing