Today, Tuesday, the Dubai Financial Market began the subscription for shares in Talabat, the German Delivery Hero unit in the Middle East, at a price ranging between 1.50 dirhams and 1.60 dirhams. The subscription aims to raise 1.5 billion dollars.
The German food delivery company is looking to obtain a valuation of about $10 billion for Talabat, and Delivery Hero plans to sell a 15% stake in Talabat while retaining a majority stake in it, according to a company statement issued on Tuesday.
The final offer price will be announced on November 29, and the listing will take place on December 10 on the Dubai Financial Market.
Talabat said in the statement that the UAE Strategic Investment Fund, the Abu Dhabi Pension Fund and Emirates International Investment Company will subscribe to shares worth $250 million as anchor investors.
The German food delivery company will offer a 15% stake in Talabat, or 3.49 billion shares, at a price of 1.50 dirhams ($0.41) to 1.60 dirhams per share.
The deal comes amid a wave of listings in the Middle East, with companies raising about $10 billion in new share sales in 2024. However, the emergence of some recent big deals has been lackluster.
