Finance

Delivery Hero Plans Q4 2024 IPO for Talabat on Dubai Exchange

Aug 29, 2024 1 min read

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Delivery Hero SE is planning to list its Middle Eastern unit, Talabat, on the Dubai Financial Market in the fourth quarter of 2024. The company intends to achieve this through a secondary sale of shares while retaining a majority stake in the local entity. The listing is contingent upon market conditions, regulatory approval from the Securities and Commodities Authority of the UAE, and resolutions from Delivery Hero’s management and supervisory boards.

The IPO marks Delivery Hero’s effort to capitalize on the growing economic momentum and listing boom in the Gulf region. Talabat operates in the UAE and other countries in the Middle East and North Africa, which has shown significant growth for Delivery Hero, with a GMV increase of 29.4% year-over-year in the first half of 2024. The planned listing also follows Delivery Hero’s previous sale of its Asian subsidiary, Foodpanda in Taiwan, and a 37% acquisition of Saudi Arabia's HungerStation.

No specific valuation, share price target, or volume of shares has been disclosed yet. The IPO aims to attract local investors to co-invest and support the unit, while the proceeds could potentially be used to reduce Delivery Hero's debt, which stands at approximately 4 billion euros. The announcement has positively impacted Delivery Hero's shares, with a notable increase observed following the news.

#markets #ipo #business #europe-public-private-sector

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