Middle Eastern food delivery giant Talabat has successfully raised $2 billion in its initial public offering (IPO), marking the largest such event in the United Arab Emirates this year. The company, a subsidiary of Germany's Delivery Hero, priced its shares at Dh1.60 each, culminating in a market capitalization of approximately Dh37.3 billion ($10.1 billion). Talabat's shares are now listed on the Dubai Financial Market.
This significant IPO underscores the UAE's robust performance in the Europe, Middle East, and Africa (EMEA) region's IPO landscape for the third consecutive year. The surge in public offerings is largely attributed to governmental initiatives aimed at privatizing state-owned enterprises and a growing appetite from investors. Other notable IPOs in the region this year include Lulu Retail and Oman's OQ Exploration and Production.
Delivery Hero plans to maintain a majority stake in Talabat post-IPO, with the capital raised earmarked for further expansion and growth initiatives. The success of this offering highlights the Middle East's burgeoning market and its potential for future development.
