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Delivery Hero’s food delivery shares drop on market debut
Talabat Holding Plc, the Middle Eastern food delivery unit of Delivery Hero SE, experienced a drop in its shares during its trading debut in Dubai.
The company raised over US$2 billion in what is noted to be the largest tech IPO of 2024.
Shares opened at 1.60 dirhams (US$0.43), the highest point of the marketed range.
They initially increased by 7.5%. However, they reversed direction and closed 4.4% lower at 1.53 dirhams (US$0.41), valuing the company at approximately 37 billion dirhams (US$10 billion).
The Talabat IPO was managed by joint global coordinators Emirates NBD Capital PSC, JPMorgan Securities, and Morgan Stanley.
Recent Delivery Hero developments
| Timeline |
|---|
03-Dec-2024 📦 Delivery Hero’s food delivery app to employ 15k drivers in Spain
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28-Nov-2024 📈 Delivery Hero’s food delivery IPO rises to $2b
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11-Nov-2024 📈 Delivery Hero’s food delivery service plans $1b IPO
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22-Feb-2024 🚫 Delivery Hero ends talks on potential sale of Foodpanda
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| 03-Feb-2024 🍔 Delivery Hero denies deal to sell Foodpanda to Grab was cancelled |
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