Delivery Hero’s Middle East unit Talabat increased the size of its offering to 20% of its share capital amid significant investor demand, up from 15% previously, after receiving approval from the Securities and Commodities Authority, according to a press release (pdf). The share price range remains unchanged at AED 1.5-1.6 per share, with the additional shares allocated to institutional investors. The upsized offering brings Talabat’s market capitalization up to between USD 9.5 bn-10.1 bn.

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The increase in size was driven by strong demand from institutional investors, including sizable anchor investments from “global long-only and technology sector investors,” some of whom are investing in the DFM for the first time. Talabat’s orderbook was fully covered “minutes after the books opened” on 19 November.

The timeline: The subscription period for professional investors will wrap today, with the final price set to be disclosed tomorrow. The company’s shares are expected to start trading on 10 December.

REMEMBER- Cornerstone investors including UAE Strategic Investment Fund, Abu Dhabi Pension Fund, and Emirates International Investment Co, committed around USD 250 mn in shares.

ADVISORS- Delivery Hero appointed Emirates NBD Capital, Morgan Stanley, and JP Morgan as joint coordinators and bookrunners, with Abu Dhabi Commercial Bank (ADCB), Barclays, EFG Hermes UAE, First Abu Dhabi Bank (FAB), Goldman Sachs, ING, and UniCredit also acting as joint bookrunners. Emirates NBD is the lead receiving bank, with ADCB, Abu Dhabi Islamic Bank, Al Maryah Community Bank, Wio, Emirates Islamic Bank, FAB, and our friends at Mashreq are also acting as receiving banks.

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