Talabat Holding, a leading on-demand online food ordering, delivery, takeaway, groceries, and convenience retail marketplace in the MENA region, has announced the successful completion of the bookbuilding and public subscription process for its initial public offering (IPO) on the Dubai Financial Market (DFM).

The offering raised gross proceeds of about AED 7.5 billion (approximately $2 billion), making it the largest global technology IPO in 2024 to date, the largest IPO in the GCC this year, and the first technology sector IPO on DFM.

Substantial demand from international, regional, and local investors led to a double-digit oversubscription, including sizeable anchor orders from global long-only and technology-focused investors.

Key Highlights

Talabat confirms that the final offer price for its shares has been set at AED1.60 per share, at the top end of the previously announced Offer Price Range, implying a market capitalisation at listing of about AED 37.3 billion (about $10.1 billion).

To accommodate the substantial investor demand, which included a number of sizeable anchor orders from global long-only and technology sector investors, the offering was upsized to 20% from 15% of the company’s total issued share capital.

Admission of the shares to trading on DFM is expected to take place on or around December 10, 2024 under the ticker symbol “TALABAT”.

The offering achieved a double-digit oversubscription level, with a number of sizeable anchor orders from global long-only investors and technology sector specialists.

Tomaso Rodriguez, Chief Executive Officer of talabat, said: “The overwhelming response to talabat’s IPO, which saw substantial demand across both tranches, is a testament to the exceptional work and achievements of our teams over the past 20 years.

“Having raised AED 7.5 billion and attracted a double-digit oversubscription level, it is clear that talabat’s offering presented both international and local investors with a unique opportunity to gain exposure to a leading player in MENA’s technology-driven and dynamic on-demand delivery market.” – TradeArabia News Service