Talabat’s IPO fully subscribed minutes after launch

Delivery Hero SE’s Middle East unit, Talabat, secured full subscription for its $1.5 billion Dubai initial public offering (IPO) within minutes of opening, reflecting strong regional demand.

The IPO’s price range of 1.50 to 1.60 dirhams per share values Talabat at up to $10.2 billion, slightly below Delivery Hero’s $11 billion market capitalisation. The offering covers a 15 per cent stake, or 3.49 billion shares.

Cornerstone investors, including the UAE Strategic Investment Fund (SDF), Abu Dhabi Pension Fund (ADPF), and Emirates International Investment Co., have committed $250 million. Talabat will announce the final price on November 29, with shares set to trade on December 10.

The deal adds to nearly $10 billion raised through Middle Eastern IPOs in 2024. However, recent listings like Lulu Retail and an Omani energy unit saw muted debuts, raising questions about post-listing performance despite initial demand.

Attribution: Bloomberg

Subediting: M. S. Salama