Talabat drops in Dubai after Gulf’s largest IPO of the year

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.