INSUBCONTINENT EXCLUSIVE:
The Middle East has become the stage for the largest technology IPO of 2024
Talabat, a food delivery giant, raised $2 billion in its initial public offering on the Dubai Stock Exchange
This landmark event marks a significant shift in the global financial landscape, challenging the dominance of traditional markets in the US,
The company quickly expanded its operations across eight countries in the Middle East
Its rapid growth caught the attention of German-based Delivery Hero, which acquired Talabat and fueled its expansion through strategic
The company priced its shares at 1.60 dirhams ($0.44) each, valuing the enterprise at $10.1 billion.This valuation places Talabat in close
competition with its parent company, Delivery Hero, which is currently valued at $11.5 billion
$2 billion IPO: Middle East Tech Giant Defies Global TrendsOther notable IPOs in the region include the Lulu Retail chain, which raised $1.7
billion, and the premium supermarket chain Spinneys, which secured $375 million
2023, representing a 24% compound annual growth rate since 2021
It also serves as a testament to the growing investor interest in the Middle East market
As more international investors turn their attention to the region, we may see a continued surge in IPO activity and economic
The company has announced its intention to distribute AED 367.25 million in Q4 2024 and AED 1.469 billion for the fiscal year 2025
opportunities for investors and entrepreneurs alike.
