{"id":82267,"date":"2024-11-11T00:00:00","date_gmt":"2024-11-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/11\/11\/delivery-heros-talabat-to-ipo-on-dfm-in-december\/"},"modified":"2024-11-11T00:00:00","modified_gmt":"2024-11-11T00:00:00","slug":"delivery-heros-talabat-to-ipo-on-dfm-in-december","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/11\/11\/delivery-heros-talabat-to-ipo-on-dfm-in-december\/","title":{"rendered":"Delivery Hero\u2019s Talabat to IPO on DFM in December"},"content":{"rendered":"

Delivery Hero is selling a 15% stake of Middle East food delivery unit Talabat <\/strong>in an IPO on the Dubai Financial <\/strong>Market (DFM) <\/strong>in mid-December, the company said in its intention to float (pdf)<\/a> this morning. The transaction is expected to exceed USD 1 bn, Reuters<\/a> reports, citing people it says are familiar with the matter. <\/p>\n

The timeline:<\/strong> The subscription period will open on 19 November and wrap on 27 November for retail Investors, and will end a day later for institutional investors. Shares will start trading on the DFM on 10 December. <\/p>\n

Allocation: <\/strong>95% of the shares offered in the IPO will be allocated to institutional investors, while 5% will be allocated to retail investors, according to the prospectus. <\/p>\n

Talabat\u2019s valuation could hit somewhere between EUR 11.5-13.5 bn<\/strong>, managing director of equity research firm Jefferies, Giles Thorne, said. These figures exceed previous expectations of Bloomberg Intelligence which put the valuation between USD 9-12 bn<\/a>.<\/p>\n

Post-IPO ownership: <\/strong>The German last-mile delivery company plans to retain a majority stake in Talabat, with a lock-up period of 180 days following the listing, according to a statement<\/a>. <\/p>\n

The Berlin-based company\u2019s MENA activities are flourishing: <\/strong>Delivery Hero\u2019s gross merchandise value, measuring the total value of all goods sold, increased by 30% across the MENA region in 3Q 2024, according to a statement<\/a>. This performance came on the back of a 25% y-o-y increase in order volumes and affordability initiatives in this quarter.<\/p>\n

Dividends:<\/strong> Post-IPO, Talabat aims to distribute dividends amounting to 90% of net income, starting with a minimum payout of USD 100 mn in April, according to the statement. Additional installments totaling USD 400 mn are scheduled across 2025 and 2026.<\/p>\n

ADVISORS-<\/strong> Delivery Hero appointed Emirates NBD Capital, Morgan Stanley, and JP Morgan as joint coordinators and bookrunners, with Abu Dhabi Commercial Bank (ADCB), Barclays, EFG-Hermes UAE, First Abu Dhabi Bank (FAB), Goldman Sachs, ING, and UniCredit also acting as joint bookrunners. Emirates NBD is the lead receiving bank, while ADCB, Abu Dhabi Islamic Bank, Al Maryah Community Bank, Wio, Emirates Islamic Bank, FAB, and our friends at Mashreq are also acting as receiving banks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Talabat\u2019s valuation could reach EUR 13.5 bn<\/p>\n","protected":false},"author":1,"featured_media":82268,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[229],"tags":[425,426,228,373],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-delivery-hero","tag-dfm","tag-ipo-watch","tag-talabat","wpautop","entry"],"acf":{"mongo_id":"daee26eb-5130-4a18-b456-af8439938b94","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/856.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Delivery Hero\u2019s Talabat to IPO on DFM in December","related_issue":[82262],"teaser":"Talabat\u2019s valuation could reach EUR 13.5 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.f0bc5c21-1c64-45ea-9f6a-b1623f5969f5.mp3"},"yoast_head":"\nDelivery Hero\u2019s Talabat to IPO on DFM in December - 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