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
Pakistan's cotton arrivals down by 33%
To meet the domestic shortfall, the textile sector would need to import up to 3.5 million bales this season
More from World
US lawmakers back Covid Chinese lab leak theory after two-year probe
U.S. federal agencies, the World Health Organization and scientists across the planet have arrived at different conclusions about the most likely origin of Covid-19, and no consensus has emerged
Comments
See what people are discussing