Talabat Holding IPO Oversubscribed; Raises $2Bn, Listing Expected on December 10

Talabat Holding, the leading on-demand food, grocery, and retail platform, has seen a double-digit oversubscription to its initial public offering (IPO) through which it raised $2bn (AED7.5bn) by offering 4.66bn shares.

The final offer price for the IPO has been set at AED1.60 a share, at the top end of the previously announced offer price range, implying a market capitalisation at listing of $10.1bn (AED37.3bn). The offering raised gross proceeds of $2bn or AED7.5bn with substantial demand emanating from international, regional, and local investors.

"Having raised AED7.5bn and attracted a double-digit oversubscription level, it is clear that talabat’s offering presented both international and local investors with a unique opportunity to gain exposure to a leading player in Mena’s technology-driven and dynamic on-demand delivery market," Tomaso Rodriguez, chief executive officer of talabat, said.

To accommodate the substantial investor demand, which included several sizeable anchor orders from global long-only and technology sector investors, the offering was upsized to 20% from 15% of the company’s total issued share capital during the book-building period.

The record-breaking offering was the largest global technology IPO in 2024 to date, the largest IPO in the Gulf Co-operation Council this year to date and the first ever technology sector IPO on the Dubai Financial Market (DFM).

Admission of the shares to trading on DFM is expected to be on or around December 10, 2024 under the ticker symbol “TALABAT”.

Emirates NBD Capital acted as listing advisor. Emirates NBD Capital, J.P. Morgan Securities, and Morgan Stanley and Co International acted as joint global coordinators and joint book runners.

Abu Dhabi Commercial Bank, Barclays Bank, EFG-Hermes UAE (acting in conjunction with EFG Hermes UAE), First Abu Dhabi Bank, Goldman Sachs Bank Europe SE, ING Bank N.V., and UniCredit Bank GmbH acted as joint book runners.

Emirates NBD Bank acted as the lead receiving bank. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Maryah Community Bank, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank, Mashreq Bank, and Wio Bank also acted as receiving banks.