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Talabat announces offer price range between Dh1.50 and Dh1.60 as IPO period begins

A total of 3,493,236,093 shares will be made available in the offering, representing 15 per cent of the company’s total issued share capital

Talabat's initial public offering of nearly $1.5 billion was covered minutes after the shares opened. On Tuesday, the company announced the price range for the sale of its shares and the start of the subscription period for its initial public offering on Dubai Financial Market.

The IPO subscription period starts today and closes on November 27, 2024, for UAE Retail Investors and on November 28, 2024, for Professional Investors.

The price range for the offering has been set between Dh1.50 and Dh1.60 per share. The total offering size is therefore expected to be between Dh5.24 billion (c.US$ 1.43 billion) and Dh5.59 billion (c.US$ 1.52 billion), implying a market capitalisation at the time of listing of between c. Dh34.93 billion (c. US$ 9.51 billion) and c. Dh37.26 billion (c. US$ 10.15 billion). The final offer price is expected to be announced on November 29, 2024.

A total of 3,493,236,093 shares will be made available in the offering, representing 15 per cent of the company’s total issued share capital. All shares to be offered are existing shares held by the selling shareholder who reserves the right to amend the size of the offering at any time prior to the end of the subscription period at its sole discretion, subject to applicable laws and the approval of the SCA.

Tomaso Rodriguez, Chief Executive Officer of Talabat, commented: “We are delighted to open subscriptions today for the talabat IPO on Dubai Financial Market (DFM) having seen strong local and international investor interest since announcing our intention to float."

The completion of the Offering and Admission is expected to take place on or around December 10, 2024, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of admission to listing and trading on DFM.

Emirates NBD Capital PSC has been appointed as Listing Advisor.

Emirates NBD Capital PSC, J.P. Morgan Securities PLC, and Morgan Stanley & Co International PLC have been appointed as joint global coordinators and joint bookrunners.

Abu Dhabi Commercial Bank PJSC, Barclays Bank PLC, EFG-Hermes UAE Limited (acting in conjunction with EFG Hermes UAE LLC), First Abu Dhabi Bank PJSC, Goldman Sachs Bank Europe SE, ING Bank N.V., and UniCredit Bank GmbH have been appointed as joint bookrunners.

Emirates NBD Bank PJSC has been appointed as the Lead Receiving Bank. Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Al Maryah Community Bank LLC, Dubai Islamic Bank PJSC, Emirates Islamic Bank PJSC, First Abu Dhabi Bank PJSC, Mashreq Bank PSC and Wio Bank PJSC have also been appointed as Receiving Banks.

The Internal Shariah Supervision Committee of Emirates NBD Bank PJSC has issued a Shariah pronouncement confirming that, in its view, the Offering is compliant with Shariah principles. Investors should undertake their own due diligence to ensure that the offering is compliant with Shariah principles for their own purposes.

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