Talabat drops in Dubai after Gulf’s largest IPO of the year
The MENA delivery service’s decline was followed by a 12% plunge in its parent company Delivery Hero's shares in Frankfurt
A Talabat driver gets ready to ride his motorcycle for a delivery in Sharjah, UAE (Getty Images)
Talabat Holding, which staged the Gulf’s largest IPO of the year, made its trading debut on the Dubai Financial Market stock exchange with a 6.9% drop in its shares.|
The MENA delivery service’s decline on Tuesday was followed with a 12% plunge by its parent company Delivery Hero in Frankfurt.
Talabat raised $2 billion last week in the initial sale of a 20% stake in the popular motorcycle-driven food delivery company.
The Gulf has been one of the busiest regions for IPOs in 2024, with recent share sales by Saudi Arabia’s United International Holding Co., UAE-based Lulu Retail Holdings and Oman’s OQ Exploration & Production.