Delivery Hero SE has increased the IPO size of its food delivery platform Talabat to up to US$2 billion, making it the largest listing in the United Arab Emirates this year.

The company announced Wednesday it plans to sell a 20% stake in Talabat, up from an originally planned 15%.

The IPO is set to price shares at 1.6 dirhams (US$0.44), the upper limit of the initial range starting at 1.5 dirhams (US$0.41).

This pricing suggests a market valuation of approximately US$10.2 billion for Talabat.

Talabat operates in eight countries, including the UAE, Kuwait, and Egypt.