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Dubai: Talabat shares jump over 7% upon listing on stock market

Its counter saw 228.37 million shares changing hands, valued at Dh388.25 million

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Photo: File
by

Waheed Abbas

Published: Tue 10 Dec 2024, 10:14 AM

Last updated: Tue 10 Dec 2024, 11:28 PM

Food delivery firm Talabat’s shares jumped more than seven per cent soon after the listing on the Dubai Financial Market on Tuesday.

Talabat’s shares rose 7.5 per cent in the first couple of minutes to Dh1.70 per share. Its counter saw 228.37 million shares changing hands, valued at Dh388.25 million.

Talabat has announced the successful completion of the book build and public subscription process for its initial public offering on the Dubai Financial Market. The final offer price has been set at Dh1.60 per share, at the top end of the previously announced Offer Price Range, raising offer proceeds of Dh7.5 billion.

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Talabat last month sold about 4,657,648,125 shares through the initial public offering (IPO), equivalent to 20 per cent of the company’s total issued share capital. The total offering size was increased during the book-building period to accommodate significant demand from international, regional and local investors.

Based on the final offer price, talabat’s market capitalisation upon listing was Dh37.3 billion ($10.1 billion).

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Waheed Abbas

Published: Tue 10 Dec 2024, 10:14 AM

Last updated: Tue 10 Dec 2024, 11:28 PM

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