Talabat revealed the price range for its shares and the commencement of the subscription period for its initial public offering (IPO) on the Dubai Financial Market (DFM) on Tuesday.

The IPO subscription period begins today and concludes on November 27, 2024, for UAE Retail Investors, and on November 28, 2024, for Professional Investors. The price range for the offering has been set at between Dh1.50 and Dh1.60 per share. Consequently, the total offering size is anticipated to range from Dh5.24 billion (approximately US$ 1.43 billion) to Dh5.59 billion (approximately US$ 1.52 billion), reflecting a market capitalization at the time of listing between approximately Dh34.93 billion (approximately US$ 9.51 billion) and Dh37.26 billion (approximately US$ 10.15 billion).

The final offer price is expected to be disclosed on November 29, 2024. A total of 3,493,236,093 shares will be available in the offering, representing 15% of the company’s total issued share capital. The selling shareholder reserves the right to adjust the size of the offering at any time before the end of the subscription period, at its sole discretion, subject to applicable laws and the approval of the SCA.

Tomaso Rodriguez, CEO of Talabat, expressed: “We are thrilled to open subscriptions today for the talabat IPO on the Dubai Financial Market (DFM), having observed robust interest from both local and international investors since announcing our intention to float.” The completion of the Offering and Admission is anticipated to occur around December 10, 2024, contingent on market conditions and securing relevant regulatory approvals in the UAE, including approval for listing and trading on the DFM.

Emirates NBD Capital PSC has been designated as the Listing Advisor. Emirates NBD Capital PSC, J.P. Morgan Securities PLC, and Morgan Stanley & Co International PLC have been appointed as joint global coordinators and joint bookrunners. Additionally, Abu Dhabi Commercial Bank PJSC, Barclays Bank PLC, EFG-Hermes UAE Limited (operating in conjunction with EFG Hermes UAE LLC), First Abu Dhabi Bank PJSC, Goldman Sachs Bank Europe SE, ING Bank N.V., and UniCredit Bank GmbH have been named as joint bookrunners.

Emirates NBD Bank PJSC has been appointed as the Lead Receiving Bank. Other Receiving Banks include Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Al Maryah Community Bank LLC, Dubai Islamic Bank PJSC, Emirates Islamic Bank PJSC, First Abu Dhabi Bank PJSC, Mashreq Bank PSC, and Wio Bank PJSC.

The Internal Shariah Supervision Committee of Emirates NBD Bank PJSC has issued a Shariah pronouncement confirming that, in its view, the Offering complies with Shariah principles. Investors are advised to conduct their own due diligence to ensure the offering’s compliance with Shariah principles for their own purposes.

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