Company’s Initial Public Offering Oversubscribed as Investors Rush to Tap into MENA’s Booming On-Demand Delivery Market
Talabat, the Middle East’s leading on-demand delivery platform, has successfully completed its initial public offering (IPO) on the Dubai Financial Market (DFM), raising Dh7.5 billion, the largest tech IPO globally so far in 2024. The IPO was oversubscribed by double digits, showcasing the immense demand from international, regional, and local investors eager to tap into the rapidly growing on-demand delivery sector in the MENA region.
The final offer price for Talabat’s IPO was set at Dh1.60 per share, at the top end of the previously announced price range. With the offering size increasing to accommodate substantial demand, a total of 4,657,648,125 shares, representing 20% of Talabat’s total issued share capital, were sold.
CEO Tomaso Rodriguez expressed confidence in the market’s strong response to the offering. “The success of this IPO, with its double-digit oversubscription, demonstrates the significant interest in Talabat as a leading player in MENA’s dynamic tech-driven market,” he said. The company’s market capitalization upon listing will stand at Dh37.3 billion ($10.1 billion).
The IPO, which attracted anchor orders from major global long-only investors and tech sector specialists, marks a milestone in the MENA region’s growing presence in global financial markets. Investors who subscribed in the First Tranche can expect SMS notifications of their respective allocations on December 6, 2024, with refunds to begin the same day.
