Delivery Hero targets public listing for Talabat in 2024, aiming to bring the MENA food delivery and quick commerce business to the stock market.
Delivery Hero, the global online food delivery marketplace, has announced plans to list its Middle East & North Africa business, Talabat, on the Dubai Financial Market (DFM) in the fourth quarter of 2024. The move marks the first tech Initial Public Offering (IPO) on the DFM.
The IPO will involve a secondary sale of shares by Delivery Hero, with the company intending to retain a majority stake in the local entity. This decision comes after the sale of Delivery Hero's Asian subsidiary, Foodpanda, in Taiwan.
Talabat, the region's leading food delivery platform, has shown impressive financial growth. In the first half of 2024, the GMV in the Middle East & North Africa for Delivery Hero grew 29.4% year-over-year to $6.56 billion (€5.9 billion). The segment revenue is projected to be around $3.62 billion (€3.26 billion) based on H1 figures.
The H1 Adjusted EBITDA for Delivery Hero in the Middle East & North Africa rose to $233 million (€209.8 million), up from $123.8 million (€111.5 million) in the same period last year. The revenue in the region surged by 32.2%, reaching $1.81 billion (€1.63 billion) in the first half of 2024.
The listing of Talabat on the DFM highlights the standalone business's strong financial profile and growth metrics. Detailed financial data, including Talabat's gross merchandise value (AED 19.8 billion), adjusted EBITDA, and a proposed dividend for Q4 2024, indicate that it is the entity targeted for the IPO.
However, it is not immediately clear if the IPO will also include Delivery Hero's business in Saudi Arabia and Turkey. The IPO seems to be limited to Talabat rather than the full Delivery Hero business in these regions.
The planned IPO follows a period of significant growth for Delivery Hero in the Middle East & North Africa. The company's shares are currently trading at EUR 24.64, up 4.85 percent from the previous day's close. Following the announcement, the company's shares briefly rose 7%.
The listing remains subject to market conditions, regulatory approval, and resolutions from Delivery Hero's management and supervisory boards. If successful, the IPO will further solidify Talabat's position as a leading player in the region's food delivery market and provide Delivery Hero with additional capital to invest in its ongoing growth strategies.
[1] Financial data sourced from Delivery Hero's Q2 2024 earnings report and press release. [3] News sourced from Delivery Hero's official press release dated 2025.
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