Delivery Hero SE has priced the initial public offering (IPO) of its Middle Eastern subsidiary, Talabat Holding, at AED 1.60 ($0.44) per share, the top of its indicated range. The move positions the listing as the world’s largest tech-sector IPO so far this year, raising nearly AED 7.5 billion ($2 billion).
With the sale of 20% of Talabat’s shares, the IPO implies a company valuation of around $10.2 billion, just below Delivery Hero’s $11.5 billion market capitalization. Strong investor demand prompted Delivery Hero to increase the offering from 15% earlier this week, citing sizeable anchor orders from major global technology and long-only investors.
Talabat’s shares are scheduled to debut on the Dubai Financial Market on December 10. The IPO will also rank as the largest share sale in the Middle East this year, contributing to a booming regional listings market that has raised nearly $11 billion to date. Recent offerings include Lulu Retail’s $1.7 billion IPO in Abu Dhabi and an energy unit listing in Oman.
Operating across eight countries—UAE, Kuwait, Oman, Qatar, Egypt, Jordan, Iraq, and Bahrain—Talabat has become a regional leader in food and grocery delivery. Its position has been strengthened by Delivery Hero’s acquisitions of Zomato’s UAE business in 2019 and InstaShop in 2020.
The offering is being led by Emirates NBD Capital, JPMorgan Securities, and Morgan Stanley as joint global coordinators and joint bookrunners. Abu Dhabi Commercial Bank, Barclays, EFG-Hermes, First Abu Dhabi Bank, Goldman Sachs, ING Bank, and UniCredit are also joint bookrunners on the deal.
