Talabat, the leading food and Q-commerce on-demand app in the Middle East, came out with the intention of participating in an initial public offering (IPO). The IPO, however, is being managed by Delivery Hero Mena Holding. In this regard, the company will offer 15% of the shares, more than 3.49 billion ordinary shares, with a nominal value of Dh0.04 per share.
The two-tranche IPO will be open until November 28. The first tranche will go to retail investors, and the second tranche will go to institutional investors. The offer prices will be announced on November 19, and the final offer price will be finalized by November 29. The shares are expected to hit the listing at the Dubai Financial Market on December 10.
The IPO will significantly raise Talabat’s paid-up capital to Dh931.52 million. Retail investors will be eligible to apply for a minimum of 1,000 shares, with a minimum investment of Dh5,000. Institutional investors will be considered at an entry point more generous than the retail markets, with a minimum subscription fixed at Dh5 million.
This makes Talabat more promising from a sound financial perspective. Gross merchandise value rose to Dh22.3 billion in 2023, compared to growth of 17% over the previous year, while revenue improved 26.6% to Dh8 billion. Revenue increased by 32% in the first nine months of 2024 to Dh7.6 billion.
Commenting on the IPO, CEO Tomaso Rodriguez said, “With a clear growth strategy and a highly experienced team in place, we are excited to enter this new chapter that will enable us to continue delivering exceptional service to the region.”
Talabat’s listing follows the successful IPO of retail giant Lulu, marking another milestone in the UAE’s growing public market activity.
