{"id":98688,"date":"2024-12-11T00:00:00","date_gmt":"2024-12-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/talabat-shares-fall-after-strong-ipo\/"},"modified":"2024-12-11T00:00:00","modified_gmt":"2024-12-11T00:00:00","slug":"talabat-shares-fall-after-strong-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/12\/11\/talabat-shares-fall-after-strong-ipo\/","title":{"rendered":"Talabat shares fall after strong IPO"},"content":{"rendered":"

Delivery Hero\u2019s Middle East unit Talabat is the latest to see its shares drop <\/strong>on their debut<\/strong>, with shares falling 6.9% to AED 1.49 yesterday, reversing earlier gains of up to 7.5%. Delivery Hero\u2019s shares also took a hit, losing as much as 12% in Frankfurt. <\/p>\n

REMEMBER- <\/strong>The company raised over USD 2 bn in the largest tech IPO this year. The IPO was priced at AED 1.60 per share, implying a market capitalization of c. AED 37.3 bn<\/a>. The company sold a 20% stake after increasing the offer size from an initial 15% during the book-building period due to high investor demand.<\/p>\n

The company\u2019s lackluster performance is the latest in a wider trend<\/strong>, indicating a loss in \u201cliquidity momentum in the IPO market\u201d in 2024, founder and CEO of Oracle Financial Consultancy and Investments told Bloomberg<\/a>. Lulu Retail also saw its shares fall flat<\/a> on the first day of trading on the ADX last month, while ADNH Catering also saw a muted start<\/a> on the ADX. Abu Dhabi-based edtech firm Alef Education saw its shares fall 18%<\/a> on its first day of trading earlier this year.<\/p>\n

And it\u2019s not just the UAE: <\/strong>Other GCC IPOs are having similar debuts despite being oversubscribed. Oman\u2019s OQ Exploration & Production fell 8%<\/a> in its debut on the Muscat Stock Exchange two weeks ago, after raising a record USD 2 bn.<\/p>\n

No cause for alarm?<\/strong> \u201cThe valuation of the business was on the higher side of global comparables,\u201d CIO at Neovision Wealth Management Ashish Marwah said. \u201cI would reserve an outright judgment for a few trading sessions to see if there is follow-through.\u201d Lulu Retail\u2019s shares have fluctuated since its debut, but is now down 5% from its debut share price. Alef Education is also down 14%. <\/p>\n

ADVISORS-<\/strong> Emirates NBD Capital PSC, JPMorgan Securities and Morgan Stanley acted as joint global coordinators and joint bookrunners on the Talabat offering. Abu Dhabi Commercial Bank, Barclays, EFG-Hermes, First Abu Dhabi Bank, Goldman Sachs, ING Bank and UniCredit were joint bookrunners.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company\u2019s lackluster performance is the latest in a series of lackluster IPOs<\/p>\n","protected":false},"author":1,"featured_media":98689,"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":[7,1392,149,1509],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-enterpriseam-uae","tag-ipo","tag-ipo-watch","tag-talabat","wpautop","entry"],"acf":{"mongo_id":"2c446c1d-1831-4124-a0f9-dc6291fcfa36","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/994.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Talabat shares fall after strong IPO","related_issue":[98683],"teaser":"The company\u2019s lackluster performance is the latest in a series of lackluster IPOs","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.8f72ab2b-96b6-467c-9913-09024f16a8bf.mp3"},"yoast_head":"\nTalabat shares fall after strong IPO - 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