Talabat Eyes $1.5 Billion in Dubai IPO
Deal News | Nov 19, 2024 | Zawya
German food delivery company Delivery Hero has announced plans to raise approximately $1.4 billion to $1.5 billion in gross proceeds from an initial public offering (IPO) on the Dubai Financial Market for its Middle East business, Talabat. The IPO is set to launch with over 3.49 billion shares representing a 15% stake, with the price range set between AED 1.50 to AED 1.60 per share. Marketing for the offer period is slated from November 19 to November 28, 2024, with trading anticipated to commence on December 10. Talabat, a Middle Eastern food delivery service with six million users across eight MENA countries, aims to benefit from the region's socioeconomic advancements. Cornerstone investors, led by UAE Strategic Investment Fund and others, have committed approximately AED 918 million to the IPO. Joint global coordinators managing the IPO include Emirates NBD Capital, J.P. Morgan Securities, and Morgan Stanley, among others.
Sectors
- Food Delivery
- Capital Markets
- Technology
Geography
- United Arab Emirates – The IPO is taking place in Dubai, and Talabat operates extensively in this region.
- Middle East and North Africa (MENA) – Talabat's operations encompass several countries within the MENA region, highlighting its geographical focus.
- Germany – Delivery Hero, the parent company of Talabat, is based in Germany.
Industry
- Food Delivery – The article focuses on Talabat, a significant player in the food delivery sector, outlining its impending IPO.
- Capital Markets – The article's discussion of Talabat's IPO situates it within the realm of capital market activities, specifically initial public offerings.
- Technology – Given Talabat's platform and reliance on digital services for food delivery, it falls under the technology industry.
Financials
- 1.42 billion euros ( $1.4 billion to $1.5 billion) – The estimated gross proceeds expected from Talabat's IPO.
- AED 918 million – The total commitment by cornerstone investors in Talabat's IPO.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Talabat | Target | Company | A Middle Eastern food delivery service company seeking to raise capital via an IPO. |
| Delivery Hero | Selling Company | Company | A German food delivery company and the parent of Talabat, planning to IPO Talabat to raise funds. |
| Emirates NBD AM SPC | Cornerstone Investor | Company | A leading UAE investment company pledging a significant investment in Talabat's IPO. |
| Abu Dhabi Pension Fund (ADPF) | Cornerstone Investor | Company | A financial entity providing a substantial investment commitment to Talabat's IPO. |
| Emirates International Investment Company (EIIC) | Cornerstone Investor | Company | An investment company committed to supporting Talabat's IPO financially. |
| Emirates NBD Capital | Joint Global Coordinator | Company | One of the financial institutions coordinating the IPO for Talabat. |
| J.P. Morgan Securities | Joint Global Coordinator | Company | A global financial services firm coordinating Talabat's IPO. |
| Morgan Stanley & Co International | Joint Global Coordinator | Company | An international financial institution managing the IPO process for Talabat. |
| Abu Dhabi Commercial Bank | Joint Bookrunner | Company | A key player in facilitating the bookbuilding process of Talabat's IPO. |