Dubai: Talabat Holding plc (talabat or the Company) has announced the price range for its initial public offering (IPO) on the Dubai Financial Market (DFM), marking a significant step for the company. The price range for the sale of shares has been set between AED 1.50 and AED 1.60 per share, leading to a market capitalization between AED 34.93 billion (approximately US$ 9.51 billion) and AED 37.26 billion (approximately US$ 10.15 billion).
According to Emirates News Agency, the IPO will offer a total of 3,493,236,093 shares, representing 15% of the company’s total issued share capital. These shares will be sold by Delivery Hero MENA Holding GmbH, the sole shareholder and a wholly-owned subsidiary of Delivery Hero SE. Notably, Emirates NBD AM SPC, Abu Dhabi Pension Fund, and Emirates International Investment Company LLC are confirmed as cornerstone investors, with a collective commitment of around AED 918 million (US$ 250 million).
The subscription period for the IPO begins today, closing on 27 November 202
4 for UAE Retail Investors and 28 November 2024 for Professional Investors. The final offer price will be determined through a book-building process, with an announcement expected by 29 November 2024. Trading of the shares on DFM is anticipated to commence on or around 10 December 2024.
Tomaso Rodriguez, CEO of Talabat, expressed enthusiasm about the IPO, highlighting significant interest from both local and international investors. He emphasized the company’s growth strategy, focusing on product enhancement, market penetration, and investment in FinTech and loyalty programs, viewing these as attractive opportunities for investors.
Emirates NBD Capital PSC has been appointed as the Listing Advisor, while joint global coordinators and bookrunners include J.P. Morgan Securities PLC and Morgan Stanley and Co International PLC. Several banks, including Abu Dhabi Commercial Bank PJSC and Barclays Bank PLC, have been appointed as joint bookrunners, with Emirates NBD Bank PJSC serving as the Lead Receiving Bank.
The Internal Shariah Supervision Committee of Emirates NBD Bank PJSC has issued a statement confirming the IPO’s compliance with Shariah principles, although investors are encouraged to conduct their own due diligence in this regard.
