Talabat Holding, the Middle Eastern unit of Germany-based food delivery platform Delivery Hero, has increased the size of its initial public offering on the Dubai Financial Market to 20 per cent from 15 per cent, amid “significant” demand from regional and international investors.
The company will now offer 4,657,648,125 shares, a fifth of its total issued share capital, from the previously announced 3,493,236,093 shares, Talabat said on Wednesday.
The offer price of between Dh1.50 ($0.41) and Dh1.60 per share remains unchanged, meaning the company could raise up to Dh7.5 billion. At the upper end of the price range, Talabat would have a market value of about Dh37.3 billion, it said.
The IPO subscription period also remains unchanged and will close on Wednesday for UAE retail investors and on Thursday for professional investors.
The final offer price, which will be determined through a book-building process, will be announced on Friday. Shares are expected to begin trading on the DFM on December 10.
“The decision to increase the size of the offering has been taken on the back of a number of sizeable anchor orders from global long-only and technology sector investors, including several that are investing for the first time on the DFM,” the company said.
Talabat, which offers delivery of food, groceries and convenience retail, has operations in the UAE, Kuwait, Qatar, Bahrain, Egypt, Oman, Jordan and Iraq. In September, its platform had more than six million active customers, more than 65,000 participating restaurants, other groceries and retail vendors. It also had about 119,000 riders.
The proceeds of the IPO will be used by Delivery Hero for “general corporate purposes and to further optimise its capital structure”, the company previously said.
Post-listing, Talabat plans to pay a minimum dividend of about $100 million in April next year for the fourth quarter of this year. It will pay $400 million in two instalments in October next year and April 2026 for the financial results of 2025, the company said in September.
Frankfurt-listed and Berlin-based Delivery Hero will retain a majority interest in Talabat.
The IPO comes amid a listing boom in the Emirates. Talabat's intention to list follows UAE retail major Lulu Group's successful IPO to raise $1.72 billion, the country's largest listing so far this year.
A string of other deals this year in the UAE came from ADNH Catering, a unit of Abu Dhabi National Hotels, which raised $235.2 million, NMDC Energy, a unit of Abu Dhabi contractor National Marine Dredging Company, raising $877 million, and Alef Education, which raised $515 million.
The DFM, over the past few years, has also featured substantial listing activity. Parking operator Parkin was the first to tap into UAE capital markets, while retailer Spinney's was the last to list its shares on the DFM.
Companies in Dubai raised Dh34.5 billion through selling shares in the past three years, with aggregate investor demand for those listings reaching more than Dh1 trillion, the Dubai Securities and Exchange Higher Committee said in March.
UAE stock markets have hit $1 trillion in market capitalisation, primarily driven by IPOs as well as strong earnings, according to data compiled by Bloomberg.
The combined market capitalisation of the UAE's two stock exchanges – ADX and DFM – exceeds that of Milan or Madrid. While significantly smaller than Saudi Arabia's Tadawul, the UAE's market is larger than most other emerging markets, except for a few like India and China, the data shows.
THE BIO
Age: 30
Favourite book: The Power of Habit
Favourite quote: "The world is full of good people, if you cannot find one, be one"
Favourite exercise: The snatch
Favourite colour: Blue
RESULT
Huddersfield Town 1 Manchester City 2
Huddersfield: Otamendi (45' 1 og), van La Parra (red card 90' 6)
Man City: Agüero (47' pen), Sterling (84')
Man of the match: Christopher Schindler (Huddersfield Town)
if you go
The flights
Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return.
The trek
Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required.
Dubai Women's Tour teams
Agolico BMC
Andy Schleck Cycles-Immo Losch
Aromitalia Basso Bikes Vaiano
Cogeas Mettler Look
Doltcini-Van Eyck Sport
Hitec Products – Birk Sport
Kazakhstan National Team
Kuwait Cycling Team
Macogep Tornatech Girondins de Bordeaux
Minsk Cycling Club
Pannonia Regional Team (Fehérvár)
Team Auvergne-Rhône-Alpes
Team Ciclotel
UAE Women’s Team
Under 23 Kazakhstan Team
Wheel Divas Cycling Team
Profile Periscope Media
Founder: Smeetha Ghosh, one co-founder (anonymous)
Launch year: 2020
Employees: four – plans to add another 10 by July 2021
Financing stage: $250,000 bootstrap funding, approaching VC firms this year
Investors: Co-founders
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
MATCH INFO
Uefa Champions League quarter-final second leg:
Juventus 1 Ajax 2
Ajax advance 3-2 on aggregate
COMPANY PROFILE
Name: N2 Technology
Founded: 2018
Based: Dubai, UAE
Sector: Startups
Size: 14
Funding: $1.7m from HNIs
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
The%20Beekeeper
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Match info
Uefa Champions League Group F
Manchester City v Hoffenheim, midnight (Wednesday, UAE)
Duminy's Test career in numbers
Tests 46; Runs 2,103; Best 166; Average 32.85; 100s 6; 50s 8; Wickets 42; Best 4-47
The five pillars of Islam
Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Avatar%20(2009)
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UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
