Delivery Hero taps banks Talabat’s DFM listing: German last-mile delivery firm Delivery Hero has appointed Emirates NBD, Morgan Stanley, and JP Morgan to work on the upcoming IPO of its food delivery unit Talabat on DFM, Bloomberg reports, citing people it says are familiar with the matter. Delivery Hero may also appoint additional banks for the share sale.

A USD 1 bn sale? The business information service thinks the transaction could be worth c. USD 1 bn, but no decisions have been made on valuation. Delivery Hero signaled that it’s not looking to raise fresh capital and is instead offering existing shares for sale. It plans to retain a majority stake after the IPO goes through.

By the numbers: RBC Capital Markets says Delivery Hero does EUR 5 bn worth of business in the MENA region, and Bloomberg Intelligence gives Talabat an enterprise value of c. USD 6 bn.

Talabat is set to debut on DFM in 4Q 2024. The transaction is waiting for approval from the Securities and Commodities Authority.

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