The Delivery Hero subsidiary Talabat made the largest IPO in its industry this year on Tuesday.
At the start of trading on the Dubai stock exchange, Talabat shares rose by 7.5 percent to 1.72 dirhams (0.44 euros). Most recently, the shares were still 3.75 percent above the offer price of 1.60 dirhams. Thanks to the price increase, Talabat achieved a market capitalization of around 10.3 billion euros.
The Delivery Hero group had brought in the equivalent of almost two billion euros with the offered 20 percent share in Talabat. The Berlin food delivery service originally wanted to offer 15 percent of its lucrative Middle East subsidiary on the market. The IPO was the largest in the region in 2024, according to Bloomberg data.
Talabat is active in the United Arab Emirates, Qatar and Egypt, among others, and delivers food and everyday items. In 2023, the business recorded a gross merchandise value (GMV) of more than five billion euros. In the first half of 2024, this value increased by more than a fifth. More than six percent of the gross merchandise value remained as the operating result (Ebitda margin) adjusted for special effects.
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BERLIN/DUBAI (dpa-AFX)
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