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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.

CEO Tomaso Rodriguez attributed the IPO’s success to Talabat's growth strategy and market leadership, stating:
"Our growth strategy focuses on enhancing our product offering, increasing market penetration, investing in loyalty programs, scaling advertising, and exploring adjacent categories."

Delivery Hero Retains Majority Stake

The IPO proceeds were collected by Delivery Hero MENA Holding GmbH, the sole investor in the offering. Delivery Hero MENA, a subsidiary of German food delivery giant Delivery Hero SE, remains Talabat’s majority shareholder after the IPO.

Regional Economic Diversification

Talabat's IPO is the latest in a series of significant Middle Eastern public offerings as the region diversifies its economy beyond oil. Notably, UAE-based Lulu Retail Holding PLC completed a $1.7 billion IPO in November, further cementing the MENA region as a rising hub for global investment.