Talabat, the leading food and grocery delivery platform in the region, launched its IPO earlier this month on the Dubai Financial Market and announced its price range of AED 1.5 to 1.6 per share on Tuesday.
The company will offer 3.49 billion shares, representing 15 percent of its total share capital, which implies a valuation between $9.51 billion and $10.15 billion. The IPO could make Talabat the first tech company in the Middle East & North Africa with a market cap of over $10 billion.
Tomaso Rodriguez, Chief Executive Officer of Talabat, said, “Our well-defined growth strategy is focused on enhancing our product offering and increasing our market penetration, investing in our innovative FinTech and loyalty programmes, scaling our advertising offerings and exploring adjacent categories, which we believe presents an exciting opportunity for investors.”
He added, “With the region also experiencing favorable socioeconomic conditions and a large and growing addressable market, we look forward to welcoming new shareholders to join us on our journey.”
The company recently signed agreements with multiple cornerstone investors, including Emirates NBD AM SPC on behalf of the UAE Strategic Investment Fund, the Abu Dhabi Pension Fund, and Emirates International Investment Company.
These investors are committed to investing $250 million (over 15 percent of the total offered shares). Each investor will purchase shares at the final IPO price, with their investments locked for 180 days after the company is listed.
Talabat reported a GMV of $5.4 billion for the first nine months of 2024, up 21.3 percent year-over-year, with revenue of $2.1 billion (up 32 percent) and a net profit of $271 million (71.5 percent increase year-over-year).
Currently owned by Delivery Hero, Talabat operates in eight MENA countries with over 65,000 restaurant and grocery partners and six million active customers. The German firm announced its intention to list Talabat on the Dubai stock exchange in August.
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