Arabian Post Staff -Dubai
Talabat, the Middle East and North Africa (MENA) subsidiary of Delivery Hero, is set to launch an initial public offering (IPO) in Dubai, aiming to raise over $1 billion. This marks a pivotal move for the regional food delivery giant, as it transitions into the Dubai Financial Market, bringing with it a slice of the booming tech sector in the region. Delivery Hero, which will retain the majority of Talabat’s shares post-IPO, is taking steps to fortify its financial position amid the rapid growth of its MENA business.
This IPO, a secondary share sale, is expected to position Talabat as one of the most prominent tech stocks in the region. With Delivery Hero scaling back its international operations and focusing more on high-growth markets, the listing is seen as an opportunity to unlock value in a region that has shown impressive growth metrics for the company. Talabat, which has rapidly expanded across the Gulf Cooperation Council (GCC) and beyond, will now attract attention from investors eager to tap into the food delivery boom.
For Delivery Hero, the decision to list Talabat follows its divestment of operations in Taiwan and its broader strategy of simplifying its portfolio. The IPO comes at a time when Talabat’s financial performance in the MENA region has reached new heights. In the first half of 2024, the region’s Gross Merchandise Volume (GMV) surged 29.4% to $6.56 billion, while revenue rose by 32.2% to $1.81 billion. Adjusted EBITDA also demonstrated a strong increase, growing from $123.8 million to $233 million year-on-year.
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