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Shares of food delivery company Talabat surged by over seven percent shortly after its listing on the Dubai Financial Market on Tuesday. Within the first few minutes, Talabat's shares climbed 7.5 percent to Dh1.70 per share. A total of 228.37 million shares were traded, amounting to Dh388.25 million.
Talabat has confirmed the successful conclusion of the book build and public subscription process for its initial public offering (IPO) on the Dubai Financial Market. The final offer price was set at Dh1.60 per share, which is at the upper limit of the previously announced price range, raising Dh7.5 billion in offer proceeds.
Last month, Talabat sold approximately 4,657,648,125 shares through the IPO, representing 20 percent of the company's total issued share capital. The offering size was expanded during the book-building phase to meet substantial demand from international, regional, and local investors.
Based on the final offer price, Talabat's market capitalization at the time of listing was Dh37.3 billion ($10.1 billion).
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