Delivery Hero has announced plans to list its Middle East & North Africa (MENA) business, Talabat, on the Dubai Financial Market in the fourth quarter of 2024. This IPO, a secondary sale of shares, will mark the first tech IPO on the Dubai stock exchange, with Delivery Hero retaining a majority stake in Talabat.
The scope of the IPO, including whether it will encompass the company’s subsidiaries in Saudi Arabia (HungerStation) and Turkey (Yemeksepeti), remains unclear. These markets are integral to Delivery Hero’s MENA operations but are managed separately.
The listing is contingent on favorable market conditions, regulatory consents, and approvals from Delivery Hero’s management and supervisory boards. Following the announcement, the company’s stock experienced a 7% increase and is currently trading at EUR 24.64, reflecting a 4.85% gain from the previous close.
This strategic move follows the divestment of Foodpanda in Taiwan and aims to strengthen Delivery Hero’s financial standing. The MENA region has emerged as the fastest-growing area for the company, with a 29.4% increase in Gross Merchandise Volume (GMV) to $6.56 billion (€5.9 billion) in the first half of 2024. Revenue in the region jumped 32.2% to $1.81 billion (€1.63 billion), and Adjusted EBITDA climbed to $233 million (€209.8 million) from $123.8 million (€111.5 million).
Based on these figures, the annual GMV run rate is projected at about $13.12 billion (€11.8 billion), with segment revenue expected to reach approximately $3.62 billion (€3.26 billion).
