Talabat, the leading on-demand delivery platform in the Middle East and North Africa, has priced its initial public offering (IPO) at the top of its price range, raising $2.04 billion. The company increased its offering size from 15% to 20% of its total share capital to accommodate substantial investor demand, it announced last week.
The final offer price was set at AED 1.60 per share, implying a market cap of $10.16 billion at listing. The IPO saw significant interest from international, regional, and local investors, resulting in a double-digit oversubscription level. This marks the largest global technology IPO in 2024 and the largest IPO in the Middle East & North Africa this year. It is also among the top ten global IPOs this year.
Delivery Hero, the parent company, will retain an 80% majority stake in Talabat post-listing. The German firm currently has a market cap of $12.2 billion.
“The overwhelming response to talabat’s IPO, which saw substantial demand across both tranches, is a testament to the exceptional work and achievements of our teams over the past 20 years,” said Tomaso Rodriguez, CEO of Talabat. “Having raised AED 7.5 billion and attracted a double-digit oversubscription level, it is clear that Talabat’s offering presented both international and local investors with a unique opportunity to gain exposure to a leading player in MENA’s technology-driven and dynamic on-demand delivery market.”
The Dubai-headquartered company serves over six million active customers, more than 65,000 participating restaurants and vendors, and approximately 119,000 riders across eight markets including the UAE, Kuwait, Qatar, Bahrain, Egypt, Oman, Jordan, and Iraq.
Its GMV for the first nine months of 2024 reached $5.4 billion, up 21%. Revenue grew 32% to $2.1 billion, and net profit rose 72% to $271 million.
Talabat is expected to begin trading on the Dubai Financial Market on or around December 10, 2024, under the ticker symbol “TALABAT”.
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