Talabat Holding, a leading online food ordering, delivery, takeaway and groceries and convenience retail marketplace in the Mena region, has increased its initial public offering (IPO) size from 15% of its issued share capital to 20%.

 

The offering size increase follows significant international and regional investor demand in the Second Tranche, including a number of sizeable anchor orders from global long-only and technology sector investors, a company release said.

 

Offering size increase

The total offering size has been increased to 4.65 billion shares from the previously announced 3.49 billion shares.

 

All shares to be offered are existing shares held by the company’s sole shareholder, Delivery Hero Mena Holding GmbH (selling shareholder), a wholly-owned subsidiary of Delivery Hero SE (Delivery Hero), a public company listed on the Prime Standard of the Frankfurt Stock Exchange.

 

Based on the unchanged price range for the sale of its Shares of AED1.50 to AED1.60 per share (offer price range) and assuming all the shares in the offering are sold, the revised size of the offering is expected to be between AED7.0 billion ($1.9 billion) and AED7.5 billion ($2.0 billion).

 

The additional 1.16 billion offer shares have been wholly allocated to the qualified investor offering (Second Tranche), which is restricted to professional Investors, as defined in the UAE Prospectus.

 

Market capitalisation

Based on the offer price range, talabat’s market capitalisation at the time of listing will be between AED34.9 billion ($9.5 billion) and AED37.3 billion ($10.1 billion).

 

The subscription period remains unchanged and will close on November 27, 2024 for UAE retail investors and on November 28, 2024 for professional Investors.

 

The final offer price will be determined through a book building process and will be announced on November 29, 2024. Admission of the shares to trading on DFM is expected to take place on or around December 10, 2024.

 

Emirates NBD Capital PSC has been appointed as Listing Advisor.

 

Emirates NBD Capital PSC, JP Morgan Securities PLC, and Morgan Stanley & Co International PLC have been appointed as joint global coordinators and joint bookrunners.

 

Joint bookrunners

Abu Dhabi Commercial Bank PJSC, Barclays Bank PLC, EFG-Hermes UAE Limited (acting in conjunction with EFG Hermes UAE LLC), First Abu Dhabi Bank PJSC, Goldman Sachs Bank Europe SE, ING Bank NV, and UniCredit Bank GmbH have been appointed as joint bookrunners.

 

Emirates NBD Bank PJSC has been appointed as the Lead Receiving Bank. Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Al Maryah Community Bank LLC, Dubai Islamic Bank PJSC, Emirates Islamic Bank PJSC, First Abu Dhabi Bank PJSC, Mashreq Bank PSC and Wio Bank PJSC have also been appointed as Receiving Banks.--TradeArabia News Service