Talabat, the leading on-demand delivery platform in the MENA region, made its debut on the Dubai Financial Market (DFM) today, marking the largest global technology IPO of 2024. However, the company’s shares closed 6.9% lower at 1.49 dirhams, dampening some of the excitement around its successful fundraising.
The stock opened at AED 1.7, rising over 6% from its offer price, and reached a high of AED 1.72. The early gains were wiped out during the session, with the stock closing at AED 1.49 after hitting a low of AED 1.43. The closing price gives Talabat a market cap of $9.45 billion.
The company raised AED 7.5 billion ($2.04 billion) in an oversubscribed offering by selling 20% of its total share capital at the top of its price range. The IPO initially planned to raise AED 5.6 billion ($1.52 billion) by selling a 15% stake in Talabat, but high investor demand led its parent Delivery Hero to increase the stake to 20%.
Its cornerstone investors included Emirates NBD, the Abu Dhabi Pension Fund, and Emirates International Investment Company.
Tomaso Rodriguez, Chief Executive Officer of Talabat, commenting on the listing, said, “Ringing the bell at DFM today on behalf of the entire Talabat team is the culmination of a two-decade journey of transformation, marked by ambition, innovation and a passion to serve and deliver to the region. We have been genuinely pleased with the excitement and demand that our IPO has generated both locally and globally. Today marks the start of an exciting new chapter for Talabat and the region’s wider tech sector.”
Talabat’s GMV for the first nine months of 2024 was $5.4 billion, up 21% year-over-year. Revenue increased 32% to $2.1 billion, while net profit rose 72% to $271 million.
Delivery Hero, which now owns an 80 percent stake in Talabat, saw its stock drop by almost 12 percent today.
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