Delivery Hero Plans IPO for Talabat in Dubai

Delivery Hero is set to launch an initial public offering (IPO) for its Emirati subsidiary, Talabat, on the Dubai Financial Market in the fourth quarter of 2024. The IPO will involve a secondary sale of shares while Delivery Hero retains a majority stake in Talabat, which has seen significant growth in the Middle East and North Africa region. Following the announcement, Delivery Hero's shares rose initially by 7% but later stabilized at a 4.85% increase. Talabat's gross merchandise value reached €5 billion in the previous year, and the region's revenue surged by 32.2% in the first half of 2024. The IPO is part of Delivery Hero's strategy to strengthen its balance sheet after divesting its Asian subsidiary, foodpanda. The listing is contingent on regulatory approvals and market conditions.