Talabat to launch major IPO on Dubai Financial Market

Talabat Holding, the Middle East business of Delivery Hero, plans to sell 3.49 billion shares, equating to a 15% stake, through an initial public offering (IPO) in Dubai, the company announced on Monday.

This IPO is anticipated to be one of the largest listings in the United Arab Emirates this year.

The share sale for Dubai-based Talabat, which operates one of the region's leading food ordering and delivery platforms, will open from November 19 to 27 for UAE retail investors and close on November 28 for professional investors.

The Berlin-based Delivery Hero, which acquired a majority stake in Talabat in 2015, stated on Sunday that it will retain a majority holding after the IPO is completed.

Talabat has appointed Emirates NBD Capital PSC, J.P. Morgan Securities PLC, and Morgan Stanley & Co International PLC as joint global coordinators and joint book-runners for the IPO process.

Trading on the Dubai Financial Market (DFM) is expected to start on or around December 10. Reuters reported earlier this month that the offering could raise over $1 billion for Talabat.

Founded in 2004 in Kuwait, Talabat has grown significantly and now serves millions of customers across the Middle East.

The company has expanded its operations to include the UAE, Oman, Qatar, Bahrain, Jordan, Iraq, and Egypt.

According to company data, Talabat had more than six million active customers as of the end of July, reflecting its widespread reach and customer base in the region.