UAE – Leading food delivery company in the MENA region Talabat Holding PLC has announced an Offer Price Range of AED 1.50 and AED 1.60 (US$0.41 to US$0.44) in its upcoming IPO, implying a capitalization of between AED 34.93 billion (US$9.51) and AED 37.26 billion (US$10.15 billion).
A total of 3,493,236,093 shares, representing 15% of the company’s total issued share capital, will be offered in the upcoming IPO.
These shares are existing holdings of the selling shareholder, who retains the right to modify the size of the offering at any point during the subscription period, subject to relevant laws and approval from the Securities and Commodities Authority (SCA).
The offering will consist of two tranches. The first, referred to as the UAE Retail Offering, targets retail investors in the UAE, including eligible employees of Talabat as outlined in the UAE Prospectus.
The second tranche, known as the Qualified Investors Offering, is directed at professional investors as defined in the SCA regulations and the UAE Prospectus.
The subscription period began on November 18, 2024, and will continue until November 27, 2024, for UAE retail investors, while professional investors can subscribe until November 28, 2024.
Retail subscribers in the first tranche, excluding eligible employees, will receive a minimum guaranteed allocation of 1,000 shares. Eligible employees will receive a higher guaranteed allocation of 10,000 shares.
The offering’s completion and the company’s admission to listing and trading on the Dubai Financial Market are anticipated around December 10, 2024, contingent on market conditions and regulatory approvals in the UAE.
Emirates NBD Capital PSC, J.P. Morgan Securities PLC, and Morgan Stanley & Co International PLC have been appointed as joint global coordinators and joint bookrunners.
Additional joint bookrunners include Abu Dhabi Commercial Bank PJSC, Barclays Bank PLC, EFG-Hermes UAE Limited (in collaboration with EFG Hermes UAE LLC), First Abu Dhabi Bank PJSC, Goldman Sachs Bank Europe SE, ING Bank N.V., and UniCredit Bank GmbH.
Emirates NBD Bank PJSC will serve as the lead receiving bank, supported by several other receiving banks, including Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Al Maryah Community Bank LLC, Dubai Islamic Bank PJSC, Emirates Islamic Bank PJSC, First Abu Dhabi Bank PJSC, Mashreq Bank PSC, and Wio Bank PJSC.
Sign up HERE to receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.
