Page 131 - ALEF EDUCATION PR REPORT NOVEMBER 2024

11/11/24, 11:48 AM Talabat IPO: Parent of food delivery company to sell 15% stake in Dubai listing | The National
and April 2026 for the financial results of 2025, the company said.

“Talabat intends to pay dividends twice each calendar year, in each case with a target net

income payout of 90 per cent,” it added.

Since its launch in 2004 in Kuwait, Talabat has “transformed into a home-grown

technology-driven food, groceries and retail delivery champion”, said chief executive

Tomaso Rodriguez.

“As we look into the future, our medium-term outlook reflects multiple growth levers and
favourable socioeconomic conditions.”

Talabat joins a growing list of companies seeking to list share on equity markets in the

UAE amid continued economic momentum in the Arab world’s second-largest economy.

Its intention to list follows UAE retail major Lulu Group's successful IPO to raise Dh6.32

billion ($1.72 billion), the country's largest listing so far this year. The hypermarket chain
operator priced its shares at the top of the indicated range amid strong investor demand for

listings in the region this month.

The retailer sold 30 per cent of its total share capital in its Abu Dhabi listing in a deal

oversubscribed by more than 25 times across all tranches and received aggregate demand

of more than Dh135 billion from domestic, regional and international investors.

A string of other deals this year in the UAE includes ADNH Catering, a unit of Abu Dhabi

National Hotels, raising Dh864 million through the sale of a 40 per cent stake. NMDC

Energy, a unit of Abu Dhabi contractor National Marine Dredging Company, also began

trading on the ADX in September after raising $877 million, while Alef Education raised

$515 million from its IPO in Abu Dhabi in June.

IPO activity in the Middle East remained strong in the third quarter of this year, with five

IPOs raising $930 million, according to EY. The proceeds are 76.8 per cent higher on a

https://www.thenationalnews.com/business/markets/2024/11/10/talabat-ipo-parent-of-food-delivery-company-to-sell-15-stake-in-dubai-listing/ 3/4