Delivery Hero is preparing to list its Middle East & North Africa business, Talabat, on the Dubai Financial Market in Q4 2024, it announced today. The IPO would involve a secondary sale of shares by Delivery Hero, while the company plans to retain a majority stake in the local entity. It would be the first tech IPO on the Dubai stock exchange.
It is not immediately clear if this will also include the company’s business in Saudi and Turkey. The Middle East & North Africa business of the firm includes these two markets but they’re operated by two different subsidiaries; HungerStation in Saudi, and Yemeksepeti in Turkey.
The listing remains subject to market conditions, regulatory approval, and resolutions from Delivery Hero’s management and supervisory boards. The company’s shares briefly rose 7% following the announcement. They’re currently trading at EUR 24.64, up 4.85 percent from the previous day’s close.
The planned IPO follows the sale of Delivery Hero’s Asian subsidiary, Foodpanda in Taiwan, and is expected to improve the company’s balance sheet.
The Middle East & North Africa continues to be the fastest-growing regions for Delivery Hero, with its GMV growing 29.4 percent year-over-year to $6.56 billion (€5.9 billion), in the first half of 2024. The revenue surged by 32.2%, reaching $1.81 billion (€1.63 billion). Adjusted EBITDA rose to $233 million (€209.8 million), up from $123.8 million (€111.5 million).
Based on H1 figures, the annual run rate for GMV stands at approximately $13.12 billion (€11.8 billion), with segment revenue projected at around $3.62 billion (€3.26 billion).
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