UAE

Life and Living

World

Opinion

Business

Sports

Entertainment

Lifestyle

Travel

Reviews

Brands

Supplements

KT Events

KT APPDOWNLOAD

Type your keywords

Dubai: Talabat to launch IPO in mid-December

The deal, set by the German parent for the fourth quarter, could start as soon as Monday

Read more...

By Reuters

Published: Sun 10 Nov 2024, 5:03 PM

Last updated: Sun 10 Nov 2024, 8:45 PM

Talabat, the Middle East business of Delivery Hero, will list on the Dubai Stock Exchange in mid-December, floating 15 per cent of its issued shares, its German parent said on Sunday, in what will be one of the UAE's biggest IPOs this year.

Berlin-based food delivery company Delivery Hero bought a majority stake in Talabat in 2015 and said on Sunday that it would retain a majority stake after the IPO.

Dubai-based Talabat plans to pay a minimum dividend of about $100 million in April 2025 after the IPO, according to the statement.

Advertising
Advertising

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

The largest food ordering business in the Middle East could sell stock worth more than $1 billion, Reuters reported earlier this week.

Founded in 2004 in Kuwait, Talabat has since expanded to serve customers in the UAE, Oman, Qatar, Bahrain, Jordan, Iraq and Egypt, with over six million active customers as of the end of July, according to company data.

The IPO rides a retail spending boom in the Gulf and comes amid a frenzy of public listings in the region as governments push to cut their dependence on oil.

Last week, hypermarket chain operator Lulu Retail raised $1.72 billion.

ALSO READ:

Reuters

Published: Sun 10 Nov 2024, 5:03 PM

Last updated: Sun 10 Nov 2024, 8:45 PM

Recommended for you