Talabat Parent Company Prepares for Dubai IPO Listing

Delivery Hero: The German food delivery service provider, Delivery Hero is all set to launch its UAE subsidiary Talabat on the Dubai market.

The company plans to take advantage of the economic and listing growth in the Emirates.

In a statement on Thursday, Talabat said that it is getting ready to launch its first IPO on the Dubai Financial Market by the fourth quarter of this year.

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Delivery Hero said in a separate filing, “listing may be pursued through a secondary sale of shares by Delivery Hero which would retain the majority interest in the local listing entity after an IPO.”

Talabat which is an on-demand food and fast-commerce app said that its IPO launch is based on market conditions and government approval.

The market will be kept up to date on the progress of the possible listing by the company and its parent.

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Talabat is a construction and dredging services provider and is all set to list its IPO in the UAE this year. This decision comes after NMDC Group said that it would list its shares of its subsidiary NMDC Energy on the Abu Dhabi Securities Exchange.

From its listing in the energy subsidiary, the NMDC Group expects to raise Dh3.22 billion ($877 million). The subscription has already begun from Friday and will close on September 4 for individual and qualified investors.

The First Abu Dhabi Bank is the lead manager of the issue. As per the reports, for the past two years, UAE has recorded a growth in IPO activity with companies earning $890 million during the second quarter.

Saudi Arabia’s Tadawul was leading by raising $1.6 billion through its IPO. The government plans to improve the emirate’s financial market to a worth of Dh3 trillion.

Also Read: UAE Oil Services Provider Set for Country’s Largest IPO of the Year