Talabat Holding announced the successful completion of its initial public offering (IPO) on the Dubai Financial Market (DFM), raising Dh7.5 billion (approximately $2 billion).
The final offer price for Talabat’s initial public offering (IPO) was set at Dh1.60 per share, the top end of the previously announced price range. This values the company at a market capitalisation of Dh37.3 billion ($10.1 billion) at the time of listing. The offering included 4.66 billion shares, representing 20% of Talabat’s total issued share capital, an increase from the initially planned 15% due to strong investor demand.
The IPO attracted significant interest from international, regional, and local investors, resulting in double-digit oversubscription and sizable anchor orders from global long-only funds and technology-focused investors. Talabat’s shares are scheduled to begin trading on the Dubai Financial Market (DFM) on December 10, 2024, pending regulatory approvals.
“The response to our IPO reflects the confidence investors have in Talabat’s growth story and the broader potential of the MENA tech ecosystem,” said Tomaso Rodriguez, CEO of Talabat. “From our beginnings in Kuwait in 2004, we’ve grown into a regional leader, now poised to expand further with the support of our new shareholders.”
The offering size was increased during the book-building process to meet demand, with significant participation from international institutional investors and local retail investors. Allocations for UAE retail investors will be confirmed by SMS on December 6, with refunds initiated the same day.
Growth plans
Rodriguez highlighted Talabat’s strategic focus on deepening market penetration, expanding its product and service offerings, and investing in loyalty programs and advertising. The company also plans to explore adjacent categories to fuel growth. Talabat operates in eight markets across the MENA region, partnering with thousands of businesses and serving millions of customers.
