Dubai – Mubasher: Talabat Holding, MENA’s leading on-demand food, grocery and retail platform for everyday deliveries, began listing and trading its shares on the Dubai Financial Market (DFM).
The company traded its shares under the ticker symbol TALABAT, according to a recent press release.
The initial public offering (IPO), which raised gross proceeds of nearly AED 7.50 billion ($2 billion), was the largest IPO in the GCC this year and the first-ever technology sector IPO on DFM.
Talabat offered 20% of its total issued share capital on DFM, with substantial demand from local, regional, and international investors resulting in double-digit oversubscription.
The final offering price for the IPO stood at AED 1.60 per share following the announced price range in November.
Delivery Hero, the selling shareholder and a public company listed on the Frankfurt Stock Exchange, will remain a majority shareholder in talabat.
Tomaso Rodriguez, CEO of talabat, said: " 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.”
Meanwhile, this listing maintains Dubai’s IPO pipeline, with the total value of funds raised on DFM in 2024 reaching AED 10.48 billion.
Talabat currently operates in eight markets, including the UAE, Kuwait, Qatar, Bahrain, and Egypt.
