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Dubai: Food delivery firm Talabat to list for IPO in Q4

The execution of the IPO will be subject to market conditions and the approval of a securities prospectus by the UAE's Securities and Commodities Authority

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Photo: AFP

By Reuters

Published: Thu 29 Aug 2024, 11:04 AM

Last updated: Thu 29 Aug 2024, 9:49 PM

Delivery Hero is preparing an initial public offering (IPO) of its Emirati subsidiary Talabat on the Dubai stock exchange in the fourth quarter of this year, the German food delivery company said on Thursday.

Under the planned listing on the Dubai Financial Market, the parent would sell existing shares in Talabat while retaining a majority stake, it added.

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Delivery Hero's shares rose by 7 per cent in early Frankfurt trade at 0635 GMT.

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The firm's sales in the Middle East and North Africa (MENA) region jumped 31 per cent in the second quarter, growing faster than other regions, according to a statement that came shortly after the IPO announcement.

Last year, Talabat's gross merchandise value (GMV), a metric for delivery firms measuring the total value of all goods sold, hit 5 billion euros.

Talabat serves customers across the Middle East region in countries such as Bahrain, Egypt, Iraq, Jordan, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates (UAE).

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Reuters

Published: Thu 29 Aug 2024, 11:04 AM

Last updated: Thu 29 Aug 2024, 9:49 PM

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