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Delivery Hero will sell a 15% stake in its Middle East unit Talabat on the DFM at AED 1.5-1.6 apiece, putting it on track to raise some USD 1.5 bn, Bloomberg reports, citing a statement it has seen. The top end of the price range values the company at USD 10 bn.
Not the biggest listing of the year after all: Lulu Retail will still be the biggest IPO of the year, after raising AED 6.3 bn earlier this month.
REMEMBER- Delivery Hero is set to kick off book building for Talabat’s IPO today. The retail investors’ subscription period closes on Wednesday, 27 November, with the subscription period for institutional investors wrapping the following day. Delivery Hero plans to allocate 95% of the IPO shares to institutional investors, while 5% will be allocated to retail investors.
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, while 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.
