Talabat ✓

Yes. Talabat Holding PLC is listed on the Dubai Financial Market under the ticker TALABAT, having completed its IPO in December 2024 at an approximately USD 10 billion valuation. The IPO was the largest technology listing in Gulf history and one of the largest global food-delivery IPOs. Delivery Hero SE, Talabat's Frankfurt-listed German parent, retained a majority stake of approximately 62 percent post-listing, meaning Delivery Hero still controls Talabat through majority share ownership. The remaining free float of approximately 38 percent is held by UAE, regional, and international institutional investors as well as retail investors in the UAE.

Delivery Hero SE, the Frankfurt-listed German food-delivery group, is Talabat's ultimate parent, holding approximately 62 percent of the shares in Talabat Holding PLC. Delivery Hero originally gained ownership of Talabat through its 2018 acquisition of Rocket Internet's foodpanda business, which had itself acquired Talabat in 2015 for USD 170 million. Talabat has been an integrated part of Delivery Hero since then, and the 2024 DFM listing was designed as a partial monetisation that kept Delivery Hero in majority control while creating a Gulf-listed equity security for regional investors. Delivery Hero is itself a DAX 40 constituent on the Frankfurt Stock Exchange.

Talabat's UAE operating entity is licensed through Dubai Internet City, the technology-focused free zone operated by TECOM Group. Dubai Internet City was originally chosen because it offered 100 percent foreign ownership, essential when Delivery Hero owned 100 percent of Talabat, and a licensing framework designed for software and internet businesses. The free-zone base has been retained through the 2024 IPO because it remains operationally efficient even though mainland UAE has since introduced its own 100 percent foreign-ownership rules for most commercial activities. The listing holdco, Talabat Holding PLC, is a UAE Public Joint Stock Company separately registered for DFM listing compliance.

Talabat chose the Dubai Financial Market over international venues for several reasons: DFM is the natural home exchange for a UAE-headquartered operating business with Gulf customer base and GCC-heavy revenue, local institutional and retail demand for regional tech IPOs has been exceptionally strong since 2022, UAE listing rules under SCA provide a clear path for foreign-parent spin-offs via a PJSC holding vehicle, and DFM offers lower ongoing compliance costs than Nasdaq or LSE for a non-US operating business. The successful listings of DEWA, Salik, TECOM, and ADNOC Logistics & Services demonstrated strong demand depth, and Talabat's own debut met that expectation at USD 2 billion raised.