A. SREENIVASA REDDY (ABU DHABI)
Talabat, the region’s leading food delivery service, received a subdued response on its debut at the Dubai Financial Market (DFM) on Tuesday.
Listed at an opening price of Dh1.60, Talabat shares closed at Dh1.49 on the first trading day, reflecting a nearly 7% drop. The company's market capitalisation fell from Dh37.3 billion at the start of trading to Dh34.7 billion by the close.
The IPO, which was oversubscribed in “double digits”, raised Dh7.5 billion by offering 20% of the company’s stake. According to a DFM press release, the Talabat IPO is the largest global technology IPO in 2024, the largest in the GCC this year, and the first-ever technology IPO on the DFM.
Tomaso Rodriguez, Chief Executive Officer of Talabat, marked the occasion by ringing the DFM market-opening bell in the presence of Helal Al Marri, Chairman of the DFM Board of Directors; Hamed Ali, Chief Executive Officer of DFM and Nasdaq Dubai; and Niklas Östberg, Chief Executive Officer and Co-Founder of Delivery Hero.
Rodriguez said:
“Ringing the bell at DFM today on behalf of the entire Talabat team is the culmination of a two-decade journey of transformation, marked by ambition, innovation, and a passion to serve the region. As a brand with deep local roots, we are genuinely pleased with the excitement and demand our IPO has generated locally and globally. Today marks the start of an exciting new chapter for Talabat.”
Al Marri added: “Talabat’s successful listing on DFM underscores Dubai’s position as a dynamic global financial hub. The listing highlights the robust regulatory environment and infrastructure that underpin Dubai’s financial ecosystem.”
Hamed Ali remarked: “This landmark IPO exemplifies the strength of Dubai’s capital markets and the unmatched confidence investors have in the UAE.”
Headquartered at ADGM in Abu Dhabi, Talabat operates across eight markets: the UAE, Kuwait, Qatar, Bahrain, Egypt, Oman, Jordan, and Iraq. The platform serves over six million active customers, partners with more than 65,000 restaurants and groceries, and employs over 119,000 active riders.
With the Talabat listing, the total value of funds raised on DFM in 2024 reached Dh10.48 billion, consolidating its position as the best-performing regional market for the second consecutive year.