Delivery Hero prepares IPO of Talabat on Dubai bourse

Image credit: Horacio Villalobos Corbis/ Getty Images

German online takeaway food company Delivery Hero said on Thursday it plans an initial public offering of its UAE subsidiary Talabat on the Dubai Financial Markets (DFM) in Q4 2024.

“Delivery Hero, which operates its food delivery and quick commerce business under the Talabat brand in the UAE and other countries in the Middle East and North Africa, is preparing to list its Talabat business on the DFM,” the company said in a bourse filing.

Under the potential IPO on the DFM, the German delivery platform plans to sell existing shares in Talabat while retaining a majority stake.

Founded in 2004, Talabat serves customers across the Middle East region in countries including Bahrain, Egypt, Iraq, Jordan, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

Talabat’s IPO remains subject to market conditions and regulatory approval from the Securities and Commodities Authority.

Meanwhile, Delivery Hero’s sales in the Middle East region jumped 31 per cent in the second quarter, growing faster than other regions.

Last year, Delivery Hero acquired outstanding minority shareholdings – a total of 37 per cent – in Saudi Arabia’s HungerStation in a deal valued at $297m.

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