Delivery Hero to list Talabat business in Dubai in December

(Reuters) - Talabat, the Middle East business of Delivery Hero, will list on the Dubai Stock Exchange in mid-December, floating 15% of its issued shares, its German parent said on Sunday, in what will be one of the UAE’s biggest IPOs this year. 

 

Berlin-based food delivery company Delivery Hero bought a majority stake in Talabat in 2015 and said on Sunday that it would retain a majority stake after the IPO.

 

Dubai-based Talabat plans to pay a minimum dividend of about $100 million in April 2025 after the IPO, according to the statement.

 

The largest food ordering business in the Middle East could  sell stock worth more than $1 billion, Reuters reported earlier this week.

 

Founded in 2004 in Kuwait, Talabat has since expanded to serve customers in the UAE, Oman, Qatar, Bahrain, Jordan, Iraq and Egypt, with over six million active customers as of the end of July, according to company data.

 

(Reporting by Shivani Tanna in Bengaluru, Editing by Louise Heavens and Susan Fenton)