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Delivery Hero taps banks Talabat’s DFM listing: German last-mile delivery firm Delivery Hero has appointed Emirates NBD, Morgan Stanley, and JP Morgan to work on the upcoming IPO of its food delivery unit Talabat on DFM, Bloomberg reports, citing people it says are familiar with the matter. Delivery Hero may also appoint additional banks for the share sale.
A USD 1 bn sale? The business information service thinks the transaction could be worth c. USD 1 bn, but no decisions have been made on valuation. Delivery Hero signaled that it’s not looking to raise fresh capital and is instead offering existing shares for sale. It plans to retain a majority stake after the IPO goes through.
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By the numbers: RBC Capital Markets says Delivery Hero does EUR 5 bn worth of business in the MENA region, and Bloomberg Intelligence gives Talabat an enterprise value of c. USD 6 bn.
Talabat is set to debut on DFM in 4Q 2024. The transaction is waiting for approval from the Securities and Commodities Authority.
REFRESHER- This would be the third market debut on the DFM in 2024, following the successful IPOs of Parkin, which raised AED 1.57 bn, and Spinneys, which raised AED 1.38 bn.
There’s more in the pipeline for the DFM, with construction firm Alec and tapping advisors for a planned IPO and Amanat Holdings looking to list either its education or healthcare unit, with reports that its healthcare unit could raise some USD 200 mn as soon as this year. Hospitality group Five Holdings also tapped advisors for a potential IPO next year. Shisha producer Advanced Inhalation Rituals had been said to be eyeing an IPO in 1H 2024.
