Talabat, the Middle East division of Delivery Hero, will go public on the Dubai Stock Exchange in mid-December, offering 15% of its shares for sale, according to its German parent company. This will be one of the largest initial public offerings (IPOs) in the UAE this year.
Delivery Hero, based in Berlin, acquired a majority stake in Talabat in 2015 and confirmed it will keep a controlling share after the IPO.
The Dubai-based company also plans to distribute a minimum dividend of around $100 million in April 2025, following the IPO, as mentioned in the statement.
Big IPO in the Middle East
Talabat, the leading food delivery service in the Middle East, could raise over $1 billion from the sale of its shares, as reported by Reuters earlier this week.
Founded in 2004 in Kuwait, Talabat has expanded its services to the UAE, Oman, Qatar, Bahrain, Jordan, Iraq, and Egypt. As of July, the company boasts more than six million active customers.
The IPO comes at a time of growing retail spending in the Gulf region, which is seeing an increasing number of public offerings as governments look to reduce their reliance on oil revenues. Just last week, Lulu Retail raised $1.72 billion through its IPO.
