Delivery Hero lists talabat in 2024's largest global technology IPO

Dubai/Berlin, 10 December 2024: Delivery Hero SE (“Delivery Hero”), the world’s leading local delivery platform, has today listed Talabat Holding plc (“talabat” or the “company”), its leading delivery platform in the Middle East and North Africa (MENA) region, on the Dubai Financial Market (“DFM”). The listing is set to be the largest global technology IPO and the largest IPO in the GCC region, in 2024, raising approximately AED 7.5 billion (around US$2.0 billion).

Niklas Östberg, CEO and Co-Founder of Delivery Hero, said: “talabat’s listing on the DFM is our commitment to strengthen its ties to local customers, partners and investment community. Strong demand from regional and global investors shows confidence in talabat’s ambition to build the leading on-demand delivery platform in the MENA region. Taking this step is about more than financials, it will enable talabat to stay at the forefront of the evolving demands of the MENA delivery ecosystem.”

In the IPO, talabat shares were priced at AED 1.60 each, the top end of the proposed range. The public offering was also upsized from 15% to 20% of the company’s total issued share capital, reflecting significant investor interest, with a number of sizable orders from global long-only and technology sector investors. Delivery Hero intends to retain a long-term majority indirect ownership position in talabat.

Supported by Delivery Hero, talabat achieved a reported Gross Merchandise Value (GMV) of US$5.4 billion in the first nine months of 2024, reflecting a 21% year-on-year increase. As at September 2024, talabat had more than six million monthly active customers, over 65,000 active partners, and more than 119,000 active riders.

Emirates NBD Capital PSC, J.P. Morgan Securities PLC, and Morgan Stanley & Co International PLC acted as joint global coordinators and joint bookrunners. Abu Dhabi Commercial Bank PJSC, Barclays Bank PLC, EFG-Hermes UAE Limited (acting 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 acted as joint bookrunners.

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About Delivery Hero

Delivery Hero is the world’s leading local delivery platform, operating its service in around 70 countries across Asia, Europe, Latin America, the Middle East and Africa. The Company started as a food delivery service in 2011 and today runs its own delivery platform on four continents. Additionally, Delivery Hero is pioneering quick commerce, the next generation of e-commerce, aiming to bring groceries and household goods to customers in under one hour and often in 20 to 30 minutes. Headquartered in Berlin, Germany, Delivery Hero has been listed on the Frankfurt Stock Exchange since 2017 and is part of the MDAX stock market index. For more information, please visit www.deliveryhero.com

About talabat

Since launching in Kuwait in 2004, talabat, the MENA region’s leading on-demand food, grocery and retail platform for everyday deliveries, has been offering convenience and reliability to its customers. talabat’s local roots run deep, offering a real understanding of the needs of the communities we serve in eight countries across the region. We harness innovative technology and knowledge to simplify everyday life for our customers, optimise operations for our restaurants and local shops, and provide our riders with reliable earning opportunities daily. At talabat, we foster an innovative environment where our talabaty employees can strive to create a positive impact across the region through the use of our platform.

Contact

Gbemisola Jones, Director Communications

 [email protected]

Disclaimer

This announcement does not constitute an offer of, or a solicitation of an offer to purchase, securities of Delivery Hero SE or of any of its subsidiaries in the United States of America, Canada, Japan, Australia, Germany, the United Arab Emirates (“UAE”) or any other jurisdiction. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, an offer in any jurisdiction. The securities to which this announcement relates will not be and have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act. Neither Delivery Hero SE nor of any of its subsidiaries intends to conduct a public offering of the securities to which this announcement relates in the United States, Canada, Japan, Australia, the United Kingdom, any member state of the European Economic Area or any other jurisdiction in relation to which action for that purpose would be required.

In the United Kingdom, this announcement is only directed at persons who are “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129, as amended, as it forms part of assimilated law by virtue of the European Union (Withdrawal) Act 2018 (as amended, and together with any statutory instruments made in exercise of the powers conferred by such Act) who are also (i) persons having professional experience in matters relating to investments which fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”); (ii) high net companies, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2)(a) to (c) of the Order; or (iii) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000, as amended) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). In the United Kingdom, any investment or investment activity to which this announcement relates is available only to, and will be engaged in only with, relevant persons. Any person in the United Kingdom who is not a relevant person should not act or rely on this information or any of its contents.

In member states of the European Economic Area, this announcement is directed exclusively at persons who are “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129, as amended, of the European Parliament and of the Council of 14 June 2017 (Prospectus Regulation).

This announcement has not been approved by or filed with the Central Bank of the UAE, the Securities and Commodities Authority of the UAE (the “SCA”) or any other authorities in the UAE. Securities may not be marketed, offered or sold directly or indirectly to the public in the UAE without the approval of SCA and no marketing of any financial products or services has been or will be made from within the UAE other than in compliance with the laws of the UAE.

This announcement is directed only to persons who: (a) are outside the Abu Dhabi Global Market; (b) are “authorised Persons” or “recognised bodies” (as such terms are defined in the ADGM Financial Services and Markets Regulations 2015 (the “FSMR”)); or (c) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 18 of the FSMR) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons” for the purposes of this paragraph). This announcement is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons.

This announcement is for distribution only to persons who: (a) are outside the Dubai International Financial Centre; or (b) are persons who meet the professional client criteria set out in Rule 2.3.4 of the Dubai Financial Services Authority Conduct of Business Module (all such persons together being referred to as “relevant persons” for the purposes of this paragraph). This announcement is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons.

This release may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of Delivery Hero SE (“forward-looking statements”). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “intends,” “may,” “will,” or “should,” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of Delivery Hero SE and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements included herein only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.