• Public offering raised gross proceeds of c. AED 7.5 billion (c. USD 2.0 billion), with substantial demand from local, regional and international investors resulting in double-digit oversubscription
  • Based on the Final Offer Price of AED 1.60 per share, the Company’s market capitalization at listing is c. AED 37.3 billion (c. USD 10.1 billion)
  • Latest listing on DFM further cements Dubai’s appeal for high-growth tech and reflects its increasingly vibrant, supportive and attractive ecosystem

Dubai, UAE: Dubai Financial Market (“DFM”) today welcomed the successful listing of Talabat Holding plc (“talabat” or the “Company”), the MENA region’s leading on-demand food, grocery and retail platform for everyday deliveries. talabat trades under the ticker symbol “TALABAT”.

Delivery Hero SE (“Delivery Hero”), the selling shareholder and a public company listed on the Frankfurt Stock Exchange, will remain a majority shareholder in talabat.

talabat’s landmark initial public offering (“IPO” or the “Offering”), which raised gross proceeds of c. AED 7.5 billion (c.USD 2.0 billion) through the offering of 20% of the Company’s total issued share capital, is the largest global technology IPO in 2024, the largest IPO in the GCC this year, and the first ever technology sector IPO on DFM.

Priced at the top of the Offer Price Range (AED 1.60 per share), talabat’s offering drew significant demand from local, regional and international investors. Cornerstone investors participating in talabat’s IPO included Emirates NBD AM SPC acting on behalf of the UAE Strategic Investment Fund 5 SP, the Abu Dhabi Pension Fund, and Emirates International Investment Company LLC, reflecting confidence in talabat's future growth. Demand also included a number of sizeable anchor orders from global long-only and technology sector investors, including several that are investing for the first time on DFM.

talabat’s debut is the third successful listing on DFM in 2024, cementing Dubai’s growing appeal as a global capital market hub and DFM’s increasingly vibrant and attractive ecosystem. To celebrate the listing, Tomaso Rodriguez, Chief Executive Officer of talabat, rang the DFM market-opening bell in the presence of His Excellency Helal Al Marri, Chairman of the DFM Board of Directors, Hamed Ali, Chief Executive Officer of DFM and Nasdaq Dubai, and Niklas Östberg, Chief Executive Officer and Co-Founder of Delivery Hero.

His Excellency Helal Al Marri, Chairman of the DFM Board of Directors, said: “talabat’s successful listing on DFM underscores Dubai’s position as a dynamic global financial hub. The listing highlights the robust regulatory environment and infrastructure that underpin Dubai’s financial ecosystem guided by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of the Emirate of Dubai, the Deputy Prime Minister and Minister of Finance of the UAE. At DFM, we are committed to attracting prominent private-sector companies to list, further diversifying investment opportunities for both regional and international investors, enhancing DFM's diversified sector offerings and paving the way for more consumer, technology, and retail companies to leverage our platform for growth and capital raising.”

Hamed Ali, Chief Executive Officer of DFM and Nasdaq Dubai, added: “We welcome talabat’s listing on its home market, this landmark IPO exemplifies the strength of Dubai’s capital markets and the unmatched confidence investors have in the UAE. This milestone is the result of our relentless focus on providing innovative market solutions, expanding investment opportunities, and enhancing market transparency, making DFM the ideal listing venue in the region for private sector companies.”

Tomaso Rodriguez, Chief Executive Officer of talabat, said: "Ringing the bell at DFM today on behalf of the entire talabat team is the culmination of a two-decade journey of transformation, marked by ambition, innovation and a passion to serve and deliver to the region that delivers. As a brand that is proud of its deep local roots, we have been genuinely pleased with the excitement and demand that our IPO has generated both locally and globally. Today marks the start of an exciting new chapter for talabat and the region’s wider tech sector and we are delighted to be welcoming new shareholders to be a part of our ambitious roadmap for the future.”

talabat currently operates in eight markets: the UAE, Kuwait, Qatar, Bahrain, Egypt, Oman, Jordan and Iraq. For the month of September 2024, the Company’s on-demand platform had more than six million active customers, more than 65,000 active restaurants and other groceries and retail vendors and more than 119,000 active riders.

The Company’s growth strategy is focused on five key pillars: enhancing its product offering and increasing market penetration, scaling its advertising offerings, continuing to invest in Customer Loyalty Programs and FinTech, entering adjacent product categories and pursuing targeted investments, acquisitions, and strategic partnerships.

talabat’s listing maintains Dubai’s stellar IPO pipeline, with the total value of funds raised on DFM in 2024 reaching AED 10.48 billion while the market ranked as the best performing regional market for the second year in a row. This momentum contributes to the UAE’s broader economic diversification strategy.

About Dubai Financial Market:

Dubai Financial Market (DFM) was established as a public institution with its own independent corporate body. DFM operates as a secondary market for the trading of securities issued by public shareholding companies, bonds issued by the Federal Government or any of the local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the market. The DFM commenced operations on March 26, 2000 and became the first Islamic Shari’a-compliant exchange globally since 2007. Following its initial public offering in November 2006, when DFM offered 1.6 billion shares, representing 20 per cent of its paid-up capital of AED 8 billion, DFM became a public joint stock company, and its shares were listed on 7 March 2007 with the trading symbol (DFM). Following the IPO, the Government of Dubai retained the remaining 80 per cent of DFM Company through Borse Dubai Limited. www.dfm.ae

About Talabat:

Since launching in Kuwait in 2004, talabat, the MENA region’s leading on-demand food, grocery, and retail platform for everyday deliveries, has been offering convenience and reliability to its customers. talabat’s local roots run deep, offering a real understanding of the needs of the communities we serve in eight countries across the region. We harness innovative technology and knowledge to simplify everyday life for our customers, optimise operations for our restaurants and local shops, and provide our riders with reliable earning opportunities daily. At talabat, we foster an innovative environment where our talabaty employees can strive to create a positive impact across the region through the use of our platform.

About Delivery Hero

Delivery Hero is the world’s leading local delivery platform, operating its service in around 70 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com

For further information, please contact:
Noora Al Soori
Communications and Public Relations
Dubai Financial Market
E: nalsoori@dfm.ae

Shruti Choudhury                                                                                    
Associate Director                                                          
Edelman Smithfield                                                                                                              
E: dfmedelmansmithfield@edelman.com                            

Media Enquiries - talabat
Teneo (Financial Communications Advisor)
Andy Parnis
Shady Hamid
talabat@teneo.com

Investor Relations - talabat
Shadi Salman
ir@talabat.com