Dubai Financial Market (DFM) has welcomed the successful listing of Talabat Holding.
Talabat is the MENA region’s leading on-demand food, grocery and retail platform for everyday deliveries.
Delivery Hero, the selling shareholder and a public company listed on the Frankfurt Stock Exchange, will remain a majority shareholder in Talabat.
Talabat IPO on Dubai Financial Market
Talabat’s landmark initial public offering (IPO) which raised gross proceeds of around AED7.5bn ($2bn) through the offering of 20 per cent of the company’s total issued share capital, is the largest global technology IPO in 2024, the largest IPO in the GCC this year, and the first ever technology sector IPO on DFM.
Priced at the top of the offer price range (AED1.60 per share), Talabat’s offering drew significant demand from local, regional and international investors.
Shares increased by almost 7 per cent in early trading before ending the day 6.8 per cent down at around AED1.49 per share.
Cornerstone investors participating in Talabat’s IPO included:
- Emirates NBD acting on behalf of the UAE Strategic Investment Fund 5 SP
- The Abu Dhabi Pension Fund
- Emirates International Investment Company LLC
Demand also included a number of sizeable anchor orders from global long-only and technology sector investors, including several that are investing for the first time on DFM.
Talabat’s debut is the third successful listing on DFM in 2024, cementing Dubai’s growing appeal as a global capital market hub and DFM’s increasingly vibrant and attractive ecosystem.
Helal Al Marri, Chairman of the DFM Board of Directors, said: “Talabat’s successful listing on DFM underscores Dubai’s position as a dynamic global financial hub. The listing highlights the robust regulatory environment and infrastructure that underpin Dubai’s financial ecosystem guided by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of the Emirate of Dubai, the Deputy Prime Minister and Minister of Finance of the UAE.
“At DFM, we are committed to attracting prominent private-sector companies to list, further diversifying investment opportunities for both regional and international investors, enhancing DFM’s diversified sector offerings and paving the way for more consumer, technology, and retail companies to leverage our platform for growth and capital raising.”
Hamed Ali, Chief Executive Officer of DFM and Nasdaq Dubai, added: “We welcome Talabat’s listing on its home market, this landmark IPO exemplifies the strength of Dubai’s capital markets and the unmatched confidence investors have in the UAE.
“This milestone is the result of our relentless focus on providing innovative market solutions, expanding investment opportunities, and enhancing market transparency, making DFM the ideal listing venue in the region for private sector companies.”
Tomaso Rodriguez, Chief Executive Officer of Talabat, said: “As a brand that is proud of its deep local roots, we have been genuinely pleased with the excitement and demand that our IPO has generated both locally and globally.
“Today marks the start of an exciting new chapter for talabat and the region’s wider tech sector and we are delighted to be welcoming new shareholders to be a part of our ambitious roadmap for the future.”
Talabat currently operates in eight markets:
- UAE
- Kuwait
- Qatar
- Bahrain
- Egypt
- Oman
- Jordan
- Iraq
In September 2024, the company’s on-demand platform had more than six million active customers, more than 65,000 active restaurants and other groceries and retail vendors and more than 119,000 active riders.
Talabat’s listing maintains Dubai’s stellar IPO pipeline, with the total value of funds raised on DFM in 2024 reaching AED10.48bn ($2.9bn) while the market ranked as the best performing regional market for the second year in a row.
This momentum contributes to the UAE’s broader economic diversification strategy.
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