Talabat debuts on Dubai Financial Market

Talabat was officially listed on the Dubai Financial Market (DFM) on Tuesday as CEO Tomaso Rodriguez rung the market-opening bell. 

Trading under the ticker symbol “TALABAT,” the company's selling shareholder, Delivery Hero, will remain a majority stakeholder.

Talabat’s landmark initial public offering (IPO raised gross proceeds of c. AED7.5 billion (c. USD2.0 billion) through the 20 per cent of the company’s total share capital, is the largest global technology IPO in 2024, and the largest IPO in the GCC this year.

Priced at the top of the Offer Price Range (AED1.60 per share), Talabat’s offering drew significant demand from local, regional and international investors.

Cornerstone investors participating in Talabat’s IPO included Emirates NBD AM SPC acting on behalf of the UAE Strategic Investment Fund 5 SP, the Abu Dhabi Pension Fund, and Emirates International Investment Company LLC.

Talabat’s debut is the third successful listing on DFM in 2024.

The Chairman of the DFM Board of Directors, Helal Al Marri, said: “Talabat’s successful listing on DFM underscores Dubai’s position as a dynamic global financial hub...at DFM, we are committed to attracting prominent private-sector companies to list, further diversifying investment opportunities for both regional and international investors, enhancing DFM's diversified sector offerings and paving the way for more consumer, technology, and retail companies to leverage our platform for growth and capital raising.”

Talabat currently operates in eight markets: the UAE, Kuwait, Qatar, Bahrain, Egypt, Oman, Jordan and Iraq. In September 2024, the Company’s on-demand platform had more than six million active customers, more than 65,000 active restaurants and other groceries and retail vendors and more than 119,000 active riders.

Talabat’s listing maintains Dubai’s stellar IPO pipeline, with the total value of funds raised on DFM in 2024 reaching AED 10.48 billion while the market ranked as the best performing regional market for the second year in a row. This momentum contributes to the UAE’s broader economic diversification strategy.