Dubai, United Arab Emirates - 29 November 2024 - In a landmark moment for the Middle Eastern technology sector, Talabat, the region's leading on-demand delivery platform, has completed a groundbreaking initial public offering that signals the growing maturity of digital markets in the Middle East and North Africa.
The company's successful public listing raised $2.04 billion, pricing its shares at the top of its anticipated range and attracting unprecedented international and regional investor interest. By expanding its offering from 15% to 20% of total share capital, Talabat demonstrated the robust appetite for technology investments in the region.
At an offer price of AED 1.60 per share, the company achieved a market capitalisation of $10.16 billion, marking the largest global technology initial public offering of 2024 and the most significant IPO in the Middle East and North Africa this year.
CEO Tomaso Rodriguez described the achievement while speaking to the press as a validation of the company's two-decade journey. "The overwhelming response reflects the exceptional work of our teams," Rodriguez said. "Having raised AED 7.5 billion and attracted a double-digit oversubscription level, it is clear that Talabat’s offering presented both international and local investors with a unique opportunity to gain exposure to a leading player in MENA’s technology-driven and dynamic on-demand delivery market," he added.
Despite the public listing, parent company Delivery Hero will retain an 80% majority stake, underscoring its long-term commitment to the platform. The German firm, currently valued at $12.2 billion, sees significant potential in Talabat's regional expansion.
The company's operational scale is impressive. Serving over six million active customers across eight markets including the UAE, Kuwait, Qatar, and Egypt, Talabat has established itself as a critical digital infrastructure provider. Its gross merchandise value for the first nine months of 2024 reached $5.4 billion, representing a 21% growth, with revenue increasing 32% to $2.1 billion.
Financial performance has been equally robust, with net profits surging 72% to $271 million. These figures indicate not just growth, but a fundamental transformation in regional consumer behaviour and digital service adoption.
Talabat is expected to commence trading on the Dubai Financial Market around December 10, 2024, under the ticker symbol "TALABAT", a moment that could potentially reshape perceptions of technology investments in the Middle East.
As the region continues to diversify its economies beyond traditional sectors, Talabat's success represents a promising indicator of the technological innovation and entrepreneurial spirit emerging across the Middle East.
