Dubai - Mubasher: FTSE Russell announced that Talabat shares listed on the Dubai Financial Market will be included in the FTSE Global Indices Series on Monday, December 23, 2024 .

Talabat will join the FTSE All-World Index , the FTSE Global Large Cap Index and the FTSE Emerging Index, according to a statement issued by FTSE on Wednesday.

Yesterday, Tuesday, the Dubai Financial Market witnessed the listing and commencement of trading in the shares of Talabat Holding PLC , the platform operating in the market for online ordering .

The company’s market value upon listing will be approximately AED 37.26 billion, based on the subscription price set at AED 1.60 per share, and the selling shareholder, Delivery Hero MENA Holding, a wholly owned subsidiary of Delivery Hero SE, a German public company listed on the Frankfurt Stock Exchange, will retain an 80 % stake.

On November 19, the company offered 20% of its shares, equivalent to 4,657.65 million shares of common stock, and ended on November 27 for individual investors and on November 28 for professional investors .

Delivery Hero, the delivery service, has raised about 7.5 billion dirhams ($2 billion) from the initial public offering of a 20% stake in its unit Talabat, after increasing the size of the offering from an initial 15% on strong demand. The offering was covered within minutes of opening for subscription in mid-November .

The pricing reflects a market value of around $10.2 billion for Talabat. Emirates NBD , one of the banks participating in the offering, previously indicated that Talabat’s valuation could rise to $14.4 billion, while Bloomberg Intelligence estimated the company’s value at around $12 billion .

Talabat operates in eight countries including the UAE, Kuwait, Oman, Qatar, Egypt, Jordan, Iraq and Bahrain. Its regional presence was further strengthened by Delivery Hero ’s acquisition of India’s Zomato’s food delivery business in the UAE in 2019 , and e-grocery platform InstaShop in 2020 .