{"id":97788,"date":"2024-11-12T00:00:00","date_gmt":"2024-11-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/bookbuilding-for-talabat-to-kick-off-next-week\/"},"modified":"2024-11-12T00:00:00","modified_gmt":"2024-11-12T00:00:00","slug":"bookbuilding-for-talabat-to-kick-off-next-week","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/12\/bookbuilding-for-talabat-to-kick-off-next-week\/","title":{"rendered":"Bookbuilding for Talabat to kick off next week"},"content":{"rendered":"

Deli<\/strong>very Hero\u2019s IPO of a <\/strong>15% stake of Middle East food delivery unit Talabat<\/a><\/strong> will kick off next week <\/strong>with the start of the bookbuilding period, with shares set to start trading on the Dubai Financial Market (DFM) on 10 December, the company said in its intention to float (pdf)<\/a>. The transaction is expected to exceed USD 1 bn, Reuters<\/a> reported earlier, with the value of the company set to reach EUR 11.5-13.5 bn \u2014 higher than the valuation of its parent company, Bloomberg<\/a> reports. <\/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. <\/p>\n

Allocation breakdown: <\/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

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. Talabat\u2019s revenues grew 26.6% y-o-y in 2023 to AED 8 bn. <\/p>\n

Post-IPO, Talabat plans to tap into verticals including healthcare, beauty, pharma, pet services and fintech<\/strong>, its CEO Tomaso Rodriguez told Bloomberg in an interview. \u201cWe strongly believe that every single USD we invest in expanding these areas has a much better return than a geographical expansion at this point,\u201d Rodriguez said.<\/p>\n

The revenue forecast is sunny: <\/strong>The company anticipates revenue growth of 22-23% for 2024, followed by 17-18% in 2025, and around 14% in the medium term, Rodriguez said. Talabat previously announced that it aims to distribute dividends amounting to 90% of net income<\/a> post-listing, starting with a minimum payout of USD 100 mn in April.<\/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":"

Delivery Hero is offering 95% of the IPO to institutional investors<\/p>\n","protected":false},"author":1,"featured_media":97789,"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":[1560],"tags":[1510,130,7,1392,149,1509],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-97788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-delivery-hero","tag-dfm","tag-enterpriseam-uae","tag-ipo","tag-ipo-watch","tag-talabat","wpautop","entry"],"acf":{"mongo_id":"b0e87911-252e-4410-972b-2059516db1c9","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/988.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Bookbuilding for Talabat to kick off next week","related_issue":[97778],"teaser":"Delivery Hero is offering 95% of the IPO to institutional investors","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.e5bd0b8e-5ea8-4c03-b5a2-161398a890ea.mp3"},"yoast_head":"\nBookbuilding for Talabat to kick off next week - 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