Delivery Hero prepares Talabat’s I.P.O. for Dubai Stock Exchange

German delivery giant Delivery Hero (GMV of US$51.2 billion in 2023, up by 5.7% in 70 countries) is aiming for US$1.5 billion when Talabat, the very dynamic subsidiary in the Middle East, is floated on the Dubai Stock Exchange. On November 18, the Group determined Talabat’s share price (US$0.41 – US$0.44). Between now and November 28, 3.49 billion shares will be offered for sale, representing 15% of the total. In Q3, the GMV grew by 30% in the MENA region. In 2023, this region represented the second-largest market (US$10.9 billion in GMV, up by 16.5%) after Asia (US$27.8 billion, down by 5.8%) and ahead of Europe (US$8.2 billion, down by 57%).

To remember: Asia is DH’s Achille’s heel. While the Group’s overall GMV grew by 9% in Q3, without Asia, this would have reached a growth of 25%. Last May, the group sold a Taiwanese subsidiary Foodpanda to Uber in a US$950-million deal. Meanwhile, British rival Deliveroo is accelerating in this market. On November 4, it launched in Singapore “Deliveroo Shopping” for non-food deliveries (beauty, health, pet care).

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