Sign in
Delivery Hero’s Middle East unit Talabat raised AED 7.5 bn (c. USD 2 bn) from its IPO on the DFM after pricing the offering at the top of the range, the company said in a statement (pdf) on Friday. The offering, which attracted a “double-digit oversubscription level,” is the largest tech listing globally year-to-date and the largest IPO in the GCC this year. It is also the first ever tech IPO on the DFM.
The details: The IPO was priced at AED 1.60 per share, implying a market capitalization of c. AED 37.3 bn (c. USD 10.1 bn). The company sold some 4.7 bn shares, offloading a 20% stake after increasing the offer size from an initial 15% during the book-building period last week due to high investor demand.
Talabat’s shares are expected to begin trading on 10 December under the ticker symbol TALABAT.
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.
The IPO market has been red-hot this year: Talabat’s IPO tops hypermarket chain Lulu Retail’s offering, which raised AED 6.3 bn last month. It also follows ADNH Catering’s AED 864 mn listing in October, NMDC Energy’s AED 3.2 bn IPO in September, Alef Education’s AED 1.9 bn IPO, and Supermarket chain Spinneys Dubai’s AED 1.38 IPO in May.
