UAE – On-demand food delivery platform Talabat has announced a 20% increase in the size of its upcoming IPO for the sale of its shares on the Dubai Financial Market (DFM).
The Offering size has been increased to 4,657,648,125 shares, up from the previously announced 3,493,236,093 shares. This change means the Offering now represents 20% of the Company’s total issued share capital, an increase from the previous 15%.
All shares to be offered are existing shares held by the Company’s sole shareholder, Delivery Hero MENA Holding GmbH, a wholly-owned subsidiary of Delivery Hero SE, a public company listed on the Prime Standard of the Frankfurt Stock Exchange.
With the unchanged price range of AED 1.50 to AED 1.60 per share, the total value of the revised Offering is expected to range from AED 7.0 billion (US$ 1.9 billion) to AED 7.5 billion (US$ 2.0 billion), assuming all shares are sold.
The additional 1,164,412,032 shares have been allocated exclusively to the Qualified Investor Offering (Second Tranche), which is restricted to Professional Investors as defined in the UAE Prospectus.
Based on the offer price range, talabat’s market capitalization at the time of listing will be between approximately AED 34.9 billion (US$ 9.5 billion) and AED 37.3 billion (US$ 10.1 billion).
The subscription period remains unchanged, closing on 27 November 2024 for UAE Retail Investors and on 28 November 2024 for Professional Investors. The final offer price will be determined through a book-building process, with the price to be announced on 29 November 2024.
Admission of the shares to trading on the Dubai Financial Market (DFM) is expected to occur on or around 10 December 2024.
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.
Abu Dhabi Commercial Bank PJSC, Barclays Bank PLC, EFG-Hermes UAE Limited (in conjunction with EFG Hermes UAE LLC), First Abu Dhabi Bank PJSC, Goldman Sachs Bank Europe SE, ING Bank N.V., and UniCredit Bank GmbH are acting as joint bookrunners.
Emirates NBD Bank PJSC will serve as the Lead Receiving Bank, with additional 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.
