The Germany-based food delivery platform, Delivery Hero is preparing to list share of its UAE subsidiary Talabat on the Dubai the Dubai Financial Market (DFM) in the fourth quarter of this year, the German company announced on Thursday.
“A listing may be pursued through a secondary sale of shares by Delivery Hero,” the parent company said, meaning it would sell existing shares in Talabat while retaining a majority stake.
The firm’s sales in the Middle East and North Africa (MENA) region jumped 31 percent in the second quarter, growing faster than other regions, according to a statement from the company.
Last year, Talabat’s gross merchandise value (GMV) – a metric for delivery firms to measure the total value of all goods sold – hit 5 billion euros ($5.57 billion).
Talabat serves customers in Bahrain, Egypt, Iraq, Jordan, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
“The execution of an IPO remains subject to market conditions, the approval of a securities prospectus by the Securities and Commodities Authority of the UAE, and further resolutions of the Management Board and Supervisory Board of Delivery Hero,” the company clarified.
with inputs from Reuters
