Delivery Hero's Talabat $1.5 Billion Dubai IPO Sells Out Soon After Books Open

Talabat to commence trading on Nasdaq Dubai in March 2023

IPO saw strong demand with the book closing on first day

Delivery Hero's food delivery platform Talabat announced that the Initial Public Offering (IPO) for its Global Depository Receipts (GDRs) has been fully subscribed within a day of books opening. The $1.5 billion Dubai IPO saw strong demand from qualified institutional investors, with the offer priced at $2.60 per GDR, implying a market capitalisation of $6.1 billion upon listing. Talabat, which operates in 10 markets in the Middle East and North Africa region, is all set to commence trading on Nasdaq Dubai on March 7, 2023, under the ticker symbol "TALABAT". The IPO comprises a primary offering of new GDRs and a secondary offering of existing GDRs by Delivery Hero, the parent company of Talabat. The $1.5 billion IPO is one of the largest in the Middle East and North Africa region in recent years and underscores the strong investor appetite for high-growth technology companies in the region. The successful IPO is a testament to Talabat's leadership in the food delivery market and its strong growth potential in the region. Talabat's IPO will provide the company with access to capital to further invest in its technology and expand its operations. The capital raised through the IPO will also allow Talabat to pursue strategic acquisitions and partnerships to strengthen its market position and grow its business in the region.