UAE: Talabat increases IPO size to 20% due to strong investor demand

Based on the unchanged price range for the sale of its shares of Dh1.50 to Dh1.60, the revised IPO size is expected to rake range between Dh7 billion and Dh7.5 billion

Published: Wed 27 Nov 2024, 1:27 PM

Updated: Wed 27 Nov 2024, 2:07 PM

By
Web Desk

Photo: File

Food delivery company Talabat has increased its initial public offering (IPO) size from 15 to 20 per cent of its total issued share capital due to strong investor demand, it was announced on Wednesday.

The IPO, now on the Dubai Financial Market, has been expanded to about 4.66 billion shares from the previously announced 3.5 billion.

The price range remains unchanged at Dh1.50 to Dh1.60 per share. Assuming all shares are sold, the revised offering could rake in Dh7 billion to Dh7.5 billion.

The additional shares of about 1.16 billion have been allocated only to professional investors in the second tranche, Talabat said.

Subscription for this offering opened on November 19 and closed on November 27 for the first tranche. The second tranche will remain open until November 28.

The IPO increase follows significant international and regional investor demand in the second tranche, including a number of sizeable anchor orders from global long-only and technology sector investors, Talabat said.