According to Bloomberg, the IPO was fully covered in the first minutes of its launch.
The most important details of the subscription:
- Price range: ranges between 1.50 and 1.60 UAE dirhams per share, which estimates the company’s market value upon listing between 34.93 billion dirhams ($9.51 billion) and 37.26 billion dirhams ($10.15 billion).
- Number of shares offered: A total of 3,493,236,093 shares (15% of capital).
- Offered shares: Shares wholly owned by a company Delivery Hero MENA Holdingaffiliated with the company Delivery Hero Listed on the Frankfurt Stock Exchange.
- Key investors include Emirates NBD Asset Management, Abu Dhabi Retirement Fund, and Emirates International Investment Company, with total commitments of AED 918 million ($250 million).
- Subscription period: begins today and ends on November 27 for individual investors and November 28 for professionals, with the final offering price to be announced on November 29.
- Expected Listing: The shares are scheduled to be listed on the Dubai Financial Market on or around December 10, 2024.
In turn, the CEO of the company said RequestsTommaso Rodriguez, “We are pleased to announce today the opening of subscription for Talabat’s initial public offering on the Dubai Financial Market after we have witnessed great interest from local and international investors since announcing the intention to offer. Talabat Company was established in the Middle East in 2004, and today our platform is used more With 65,000 restaurants and grocery stores in eight countries across the MENA region and more than six million active customers, the company’s growth strategy focuses on strengthening our product offerings and increasing our share of… Market, investing in innovative financial technology and loyalty programmes. We are also working to expand our advertising solutions (“AdTech Products”) and explore new promising areas for investors in light of the favorable social and economic conditions in our region and its growing market, and we look forward to welcoming new shareholders to join us in our growth journey.”
Additional details
- The total offering size is expected to range between AED 5.24 billion ($1.43 billion) and AED 5.59 billion ($1.52 billion).
- The minimum allotment for individual subscribers is 1,000 shares, and 10,000 shares for eligible employees.
- Shares owned by the selling shareholder are subject to a lock-up period of 180 days after listing.
This move comes amid widespread interest from local and international investors, and reflects the company’s strategy for growth in regional and international markets.
Main investors
On 18 November 2024, the Company and the Selling Shareholder entered into an anchor investor agreement with a group of anchor investors, including Emirates NBD Asset Management, on behalf of the Emirates Strategic Investment Fund, Abu Dhabi Retirement Fund and Emirates International Investment LLC who have committed to purchase shares in The offering amounts amounting to approximately 514 million dirhams (140 million US dollars) and approximately 220 million dirhams (60 million US dollars) and approximately 184 million dirhams. One million dirhams (50 million US dollars), respectively.
Under the lead investor agreements, each of the lead investors has committed to purchase shares in the Qualified Investor Offering at the final offering price.
Accordingly, these lead investors have collectively committed approximately 918 million dirhams (US$250 million) to the initial public offering according to the final offering price and based on the size of the current offering, and their shares will be subject to a lock-up period of 180 days after listing.
Underwriting process
The offering will consist of:
- A public offering (the “UAE Retail Offering”) to retail investors and other investors in the UAE including eligible employees (as described in the UAE Offering Prospectus, referred to as the “First Tranche”). . and;
- An offering to professional investors (as defined in the Chairman of the Securities and Commodities Authority’s Board of Directors Resolution No. 13 R.M. of 2021 (as amended from time to time), as defined in the prospectus in the United Arab Emirates as the “Qualified Investors Offering” or “Second slide”).
- The IPO period begins today and ends on November 27, 2024 for individual investors in the UAE and on November 28, 2024 for professional investors.
- Each subscriber whose subscription applications have been successfully accepted in the first tranche, with the exception of qualified employees, will receive a guaranteed minimum allocation equal to 1,000 (one thousand) shares, and each of the eligible employees will receive a guaranteed minimum allocation equal to 10,000 (ten thousand) shares ( “Guaranteed Minimum Allocation”).
The minimum guaranteed allocation must not exceed (1) the tranche size and (2) the total number of shares allocated to any eligible employee in accordance with the minimum guaranteed allocation, which must not exceed the number of shares offered by the eligible employee based on the final offering price, taking into account the limits and conditions stipulated In the prospectus for the subscription in the United Arab Emirates.
The offering and acceptance for listing are expected to be completed on or around December 10, 2024, subject to market conditions and following the receipt of relevant regulatory approvals in the UAE, including approval for listing and trading on the Dubai Financial Market.
In accordance with the terms of the underwriting agreement to be entered into between the Company, the Selling Shareholder and the Joint Bookrunners prior to the Listing, the Shares held by the Selling Shareholder will be subject to a lock-up period beginning on the Listing Date and ending 180 days after the Listing Date.
