Talabat Holding PLC, the Dubai-based food delivery platform, raised $2 billion in its initial public offering (IPO), marking the largest global technology IPO of 2024. Shares of Talabat are set to begin trading on the Dubai Financial Market under the ticker “TALABAT” on Dec. 10, debuting with a market valuation of $10.1 billion.
IPO Details and Oversubscription
Talabat’s IPO sold approximately 4.6 million shares at 1.60 UAE dirham (44 cents) each, the top end of the price range, generating a total of 7.5 billion UAE dirham ($2 billion). The IPO was oversubscribed, driven by strong demand from international and domestic investors, prompting Talabat to increase its offering from 15% to 20% of its share capital.
“This IPO showcases the robust growth trajectory of the region’s tech and logistics sectors,” said Jason Manketo, a partner at Linklaters LLP, which represented the underwriters.
Advisory and Underwriting Teams
- Gibson Dunn & Crutcher LLP advised Talabat on English and U.S. legal matters.
- Ibrahim & Partners provided counsel on UAE law.
- Linklaters LLP represented the underwriters, with lead underwriters including Emirates NBD Capital PSC, J.P. Morgan Securities PLC, and Morgan Stanley & Co International PLC.
Talabat’s Growth and Market Position
Founded in 2004, Talabat operates across eight countries in the Middle East and North Africa (MENA), serving restaurants and grocery businesses. The company is a leading player in the region’s food delivery and logistics sectors, with operations in UAE, Kuwait, Qatar, Bahrain, Egypt, Oman, Jordan, and Iraq.
