Talabat announces offer price range between Dh1.50 and Dh1.60 as IPO period begins
Just a few minutes after share trading began, the Talabat IPO was covered. The company also disclosed Tuesday the share sale pricing range and the start date for the initial public offering’s subscription period in the DFM today.
The duration of the IPO subscription period for UAE Retail Investors is set to commence today till November 27, 2024, and continues to November 28, 2024, for Professional Investors respectively.
Thus the share price ranges from Dh1.50 to Dh1.60 to cover the offering price. This leads to a total offering size of a minimum of Dh5.24 billion(about US$ 1.43US$) and a maximum of Dh5.59 billion (about US$ 1.52 billion) implying a market cap upon listing at a minimum Dh34.93 billion (around US$ 9.51 billion) and a maximum of around.
Dh37.26 billion (roughly US$10.15 billion). An announcement regarding the final offer price is likely to be made on November 29, 2024.
Offering has a volume of 3,493,236,093 shares, equal to 15% percent of the total share capital issued by the company. These shares will be offered to the public and this stock is currently held by the selling shareholder who has the sole discretion to modify the volume of the offering at any time before the closing date of the subscription period, subject to applicable law and SCA's sanction.
Tomaso Rodriguez, Chief Executive Officer of Talabat, said: “We are happy to see the strong local as well as the international investor interest while we are opening today for subscriptions for the talabat IPO on Dubai Financial Market (DFM).”
The Offering and Admission shall be settled around December 10, 2024, subject to the state of the market as well as the reception of the relevant approvals from competent authorities in the UAE including in respect of the admission to listing and trading on DFM.
The position of Listing Advisor has been assumed by Emirates NBD Capital PSC.
The joint global coordinators and joint bookrunners are also Em̄irates NBD Capital PSC, J.P. Morgan Securities PLC, Morgan Stanley & Co International PLC.
Joint bookrunners also are 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 and Goldman Sachs Bank Europe SE, ING Bank N.V. and UniCredit Bank GmbH.
The Lead Receiving Bank is Emirates NBD Bank PJSC. Other regional banks that were selected as Receiving Banks include Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank PJSC, Al Maryah Community Bank LLC, Dubai Islamic Bank PJSC, Emirates Islamic Bank PJSC, First Abu Dhabi Bank PJSC, Mashreq Bank PSC and Wio Bank PJSC.
The Internal Shariah Supervision Committee of Emirates NBD Bank PJSC has provided a Shariah ruling saying that in its opinion, the Offering is in conformity with Shariah principles. However, investors are advised to take additional measures and confirm on their own that principles offered through the offering are compliant Shariah principles for their own purposes.
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