Talabat Holding PLC has announced an increase in the size of its initial public offering (IPO) on the Dubai Financial Market (DFM), following significant demand from both international and regional investors.
The IPO’s total offering size has been increased to 4,657,648,125 shares, up from the previously announced 3,493,236,093 shares. This increase represents 20 percent of Talabat’s total issued share capital, compared to the initial 15 percent.
The shares offered will come from Talabat’s sole shareholder, Delivery Hero MENA Holding GmbH, a subsidiary of the Frankfurt-listed Delivery Hero SE.
The decision to expand the offering was driven by sizeable anchor orders from global long-only and technology sector investors, many of whom are investing on the DFM for the first time.
The additional shares have been fully allocated to the Qualified Investor Offering, which is restricted to professional investors.
The price range for the shares remains between AED1.50 and AED1.60, valuing the offering between AED7.0 billion (approximately USD1.9 billion) and AED7.5 billion (approximately 42.0bn).
Based on this range, Talabat’s market capitalisation at the time of listing is expected to be between AED 34.9bn and AED37.3 billion ($10.1bn).
The subscription period, which began on 19 November 2024, remains open until 27 November 2024 for UAE retail investors and 28 November 2024 for professional investors.
The final offer price will be determined through a book-building process and announced on 29 November 2024.
Talabat’s shares are expected to begin trading on the DFM on or around 10 December 2024, subject to regulatory approvals and market conditions.
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