Today's Edition
A.SREENIVASA REDDY (ABU DHBAI)
Talabat’s initial public offering (IPO) has been oversubscribed in ‘double digits,’ according to a company statement released on Friday.
The final offer price has been set at Dh1.60 per share, the top end of the announced price range. The IPO has raised a gross amount of Dh7.5 billion ($2 billion), making it the largest IPO in the GCC this year and the first-ever technology IPO on the Dubai Financial Market (DFM).
“The overwhelming response to Talabat’s IPO, which saw substantial demand across both tranches, is a testament to the exceptional work and achievements of our teams over the past 20 years,” said Tomaso Rodriguez, Chief Executive Officer of Talabat.
Based on the final offer price, Talabat will have a market capitalisation of Dh37.3 billion ($10.1 billion) upon listing.
Retail subscribers will receive an SMS confirmation of their respective allocations on December 6, with refunds due to commence on the same date. Talabat shares are expected to list on the DFM under the ticker symbol “TALABAT” on December 10.
The company’s decision to withhold exact figures on oversubscriptions has left some investors disappointed, despite the impressive demand for the offering.
