Delivery Hero SE unveiled plans to list its Talabat unit in Dubai, in what could be among the region’s biggest initial public offerings of the year.
The German food delivery firm resolved to pursue an initial public offering of 15 per cent of the total issued shares of Talabat Holding and indirectly held by Delivery Hero, according to a statement, while adding that it aims to list on the Dubai Financial Market in mid-December 2024.
The share sale could raise about $1 billion, Bloomberg News had reported in September. Reuters reported on Friday that the initial public offering of Dubai-based food delivery company Talabat was set to be launched as soon as this week, citing sources familiar with the undisclosed plans.
It was known earlier that the listing was penciled in by its Berlin-headquartered parent for the fourth quarter of this year, in a market valuation that could see the Middle East business – which operates in eight countries across the region – being valued at between $9 billion and $12 billion, Bloomberg estimates.
The Talabat offering was revealed days after hypermarket chain operator Lulu Retail raised $1.72 billion ahead of publicly listing a 30 percent stake in Abu Dhabi. Talabat comes had reported a 46 per cent increase in third-quarter profits on the back of a 23 per cent spike in value of goods sold at $1.92 billion.
