Talabat Holding plc (“Talabat”), the leading online food delivery and convenience retail marketplace in the MENA region, has announced the price range and subscription period for its initial public offering (IPO) on the Dubai Financial Market (DFM).
Key Highlights
- Offer Price Range: Set between AED 1.50 and AED 1.60 per share, translating to a market capitalization of approximately AED 34.93 billion to AED 37.26 billion (USD 9.51 billion to USD 10.15 billion).
- Shares Offered: 3,493,236,093 shares, representing 15% of Talabat’s total issued share capital.
- Selling Shareholder: Delivery Hero MENA Holding GmbH, a subsidiary of Delivery Hero SE, owns all shares offered.
- Cornerstone Investors: Emirates NBD AM SPC, Abu Dhabi Pension Fund, and Emirates International Investment Company LLC have committed AED 918 million (USD 250 million) collectively.
- Subscription Period: Opens today and closes on 27 November 2024 for UAE Retail Investors and 28 November 2024 for Professional Investors.
- Listing Date: Trading on DFM is expected to commence on or around 10 December 2024.
CEO Statement
Tomaso Rodriguez, CEO of Talabat, stated:
“We are thrilled to launch Talabat’s IPO on the Dubai Financial Market, welcoming investors to join us as we continue to grow in the MENA region. With a robust platform and a defined growth strategy, we are confident this IPO will attract significant local and international interest.”
IPO Details
The IPO includes a public offering for UAE Retail Investors and a Qualified Investors Offering for Professional Investors. Each UAE Retail Investor is guaranteed a minimum allocation of 1,000 shares, while eligible employees can secure a minimum of 10,000 shares.
Cornerstone Investors include:
- Emirates NBD AM SPC on behalf of UAE Strategic Investment Fund 5 SP: AED 514 million (USD 140 million).
- Abu Dhabi Pension Fund: AED 220 million (USD 60 million).
- Emirates International Investment Company LLC: AED 184 million (USD 50 million).
Advisors and Receiving Banks
Emirates NBD Capital PSC is the Listing Advisor. Joint Global Coordinators and Bookrunners include J.P. Morgan, Morgan Stanley, and Emirates NBD Capital PSC. Receiving banks include Emirates NBD, Dubai Islamic Bank, First Abu Dhabi Bank, and others.
Shariah Compliance
The IPO has been declared Shariah-compliant by Emirates NBD Bank’s Internal Shariah Supervision Committee. Investors are advised to perform their own due diligence.
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