Talabat Holding plc (talabat or the Company) today announced the price range for the sale of its shares (the Shares, each a Share) (the Offer Price Range) and the start of the subscription period for its initial public offering (IPO or the “Offering) on Dubai Financial Market (DFM).
The Offer Price Range has been set between AED 1.50 and AED 1.60 per Share, implying a market capitalisation at time of listing of between c. AED 34.93 billion (c. US$ 9.51 billion) and c. AED 37.26 billion (c. US$ 10.15 billion).
A total of 3,493,236,093 Shares will be made available in the Offering, representing 15% of the Company’s total issued share capital.
All Shares to be offered are existing shares held by the Company’s sole shareholder, Delivery Hero MENA Holding GmbH (the “Selling Shareholder”), a wholly-owned subsidiary of Delivery Hero SE (“Delivery Hero”), a public company listed on the Frankfurt Stock Exchange.
Emirates NBD AM SPC acting on behalf of the UAE Strategic Investment Fund 5 SP (“UAE SIF”), Abu Dhabi Pension Fund (“ADPF”), and Emirates International Investment Company LLC (“EIIC”) will be cornerstone investors in the IPO with a total commitment of approximately AED 918 million (US$ 250 million).
The IPO subscription period starts today and closes 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 and is expected to be announced on 29 November 2024.
Admission of the Shares for trading on DFM (“Admission”) is expected to take place on or around 10 December 2024.
Tomaso Rodriguez, Chief Executive Officer of Talabat, commented, “We are delighted to open subscriptions today for the talabat IPO on Dubai Financial Market (DFM) having seen strong local and international investor interest since announcing our intention to float. talabat was founded in the Middle East in 2004 and today we have over 65,000 restaurants and grocery businesses across our eight MENA countries and over six million active customers using our platform.
“Our well-defined growth strategy is focused on enhancing our product offering and increasing our market penetration, investing in our innovative FinTech and loyalty programmes, scaling our advertising offerings and exploring adjacent categories, which we believe presents an exciting opportunity for investors. With the region also experiencing favourable socioeconomic conditions with a large and growing addressable market, we look forward to welcoming new shareholders to join us on our journey.”
Emirates NBD Capital PSC has been appointed as Listing Advisor.
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 (acting 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 have been appointed as joint bookrunners.
Emirates NBD Bank PJSC has been appointed as the Lead Receiving Bank. 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 have also been appointed as Receiving Banks.
The Internal Shariah Supervision Committee of Emirates NBD Bank PJSC has issued a Shariah pronouncement confirming that, in its view, the Offering is compliant with Shariah principles. Investors should undertake their own due diligence to ensure that the Offering is compliant with Shariah principles for their own purposes.
