The company "Talabat Holding B. El Si" announced its plans to hold an initial public offering (IPO) and place its shares on the Dubai Financial Market. The total number of shares offered by the company for sale is 3.49 billion shares, which constitutes 15% of the total number of issued shares in the company's capital.
The IPO is open to private investors in the UAE, including qualified employees of the "Talabat" company, as part of the initial offering for investors from the UAE or the first group, and also for professional investors from the US, including the UAE, as part of the offering for qualified investors or the second group.
The subscription period starts on November 19, 2024, and ends on November 27 of the same year for private investors in the UAE, and on November 28, 2024, for professional investors. The price of the offering will be determined during the process of book-building at the time of subscription.
The offering will be divided into two parts: the first part includes private investors, qualified employees, and other investors, who have a national investment number on the Dubai Financial Market and a bank account, will be allocated 5% of shares. The second part will consist of professional investors, for whom 95% of shares will be allocated.
It is planned that the shares will be accepted for trading on the Dubai Financial Market on December 10, 2024, or closer to that date. The company's capital as of the publication date of the initial offering prospectus in the UAE is 931.5 million dirhams, divided into 23.288 billion shares with a nominal value of 0.04 dirhams per share.
After the completion of the offering, the company plans to pay dividends of no less than 367.25 million dirhams (equivalent to 100 million dollars) in April 2025, for the fourth quarter of 2024, and also pay dividends of no less than 1.469 billion dirhams (equivalent to 400 million dollars) in portions in October 2025 and April 2026, according to the financial results, fixed for the year, ending December 31, 2025.
