The IPO is part of a recent surge in public listings, following a slump in 2022. Other notable listings include cold storage and logistic giant Lineage’s $17.8 billion float and private equity group CVC's $15 billion listing. Talabat's listing is nearly double the size of some U.S-based tech startups like Reddit. However, the company now faces stiff competition from local rivals like Uber-backed Careem, Saudi’s Jahez, and China’s $126 billion food delivery giant Meituan.
Key takeaways:
- Talabat, a food and grocery delivery company, is set to have the largest tech initial public offering (IPO) of the year with a listing on Dubai's stock exchange, expected to raise $1.5 billion and value the company at over $10.2 billion.
- The company, which operates across the United Arab Emirates and its Middle East neighbors, has built a $1.67 billion-a-year business.
- The listing of Talabat is nearly double the size of some hotly tipped listings for U.S-based tech startups like Reddit, cloud data startup Rubrik, and AI chip designer Astera Labs.
- Talabat is a spin out from parent company, Delivery Hero, which is planning to sell its 15% stake in Talabat to pay down some of its more than $5.3 billion in debt.