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Talabat to raise $1.5bn from Dubai listing

By Pramod Kumar
talabat ipo Talabat
The final Talabat IPO offer price will be determined on November 29, with the listing expected on December 10

The parent company of food delivery app Talabat, is expected to raise AED5.2 billion to AED5.6 billion ($1.4 to $1.5 billion) in gross proceeds from its Dubai Financial Market listing.

Delivery Hero Mena Holding is offering more than 3.49 billion shares from November 19-28, with the price range set between AED1.50 and AED1.60 ($0.40 and £0.43) per share.

The final offer price will be determined on November 29, with the listing expected on December 10. The offering size may be changed.

Delivery Hero Mena Holding is a wholly owned subsidiary of Frankfurt-listed Delivery Hero.

Talabat’s CEO Tomaso Rodriguez said that its gross merchandise value stood at $6 billion in 2023, a 24 percent compound annual growth rate between 2021 and 2023, and adjusted free cash flow of over $300 million in 2023.

This month Khaled Al Faqsh, chief financial officer at Talabat, said the focus would be to increase its presence across the eight countries in which it currently operates throughout the Middle East and North Africa.

“There’s massive growth in the markets that we’re operating in,” he said. “It makes absolute sense for us to continue penetrating and investing in those markets rather than distract ourselves and go with the geographical expansion at this stage.” 

Talabat serves more than 6 million customers, with over 65,000 restaurants, grocery and retail partners, and has more than 119,000 riders on its platform.

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