Delivery Hero CEO Niklas Ostberg said the IPO of its Middle East business was about bringing in local investors in the region to co-invest and support the unit.
In a brief statement Thursday, Delivery Hero said that it is"preparing a listing of its Talabat business on the Dubai Financial Market in Q4 2024."
"A listing may be pursued through a secondary sale of shares by Delivery Hero which would retain the majority interest in the local listing entity after an IPO," Delivery Hero said in a statement.The company did not disclose a valuation, share price target, volume of shares that it will list, or a specific timeline beyond the fourth-quarter indication.
Talabat operates across the Middle East in countries including Bahrain, Egypt, Iraq, Jordan, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates. The Middle East and North America is the second-largest region for Delivery Hero, accounting for around 28% of the firm's overall revenues in the second quarter, according to financial results published separately Thursday.
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