Delivery Hero has revealed it is preparing an initial public offering (IPO) of Emirati food delivery company Talabat on the Dubai Financial Market (DFM).
The listing is set to take place in the fourth quarter of this year, the German company said on Thursday.
Delivery Hero acquired Talabat in 2016, as part of a wider deal with Rocket Internet, which had purchased the food delivery service the year prior, in a $170 million deal, one of the bigger deals for web-based businesses in the Middle East at the time.Â
“Talabat, a strong player in the food delivery and quick commerce sectors across the UAE and neighboring markets, is expected to leverage this listing to enhance its growth and operational reach,” the company added in a statement.
Last year, Talabat’s gross merchandise value (GMV), which measures the total value of all goods sold, hit 5 billion euros ($5.57 billion).
Delivery Hero plans to sell existing shares in Talabat while retaining a majority stake. The IPO is still subject to regulatory approval.
