Gibson, Dunn & Crutcher, Linklaters, and Ibrahim & Partners have advised parties in connection with Talabat’s initial public offering (IPO) on the Dubai Financial Market (DFM).
The IPO will float 3.5 billion shares, equivalent to 15% of Talabat’s issued capital, held by its parent company, Delivery Hero.
The subscription period opens on November 19 and ends on November 27 for UAE retail investors, and on November 28 for institutional investors.
The offer price will be determined through a book building process during the subscription period, the company said. It expects to start trading on or around December 10.
Gibson Dunn advised Talabat in relation to US and English law. Dubai office head Marwan Elaraby led the team alongside partners Jade Chu and Ibrahim Soumrany.
Ibrahim & Partners advised the food delivery company in relation to UAE law.
Speaking to Law Middle East, Ahmed Ibrahim, managing partner and equity capital markets specialist at Ibrahim & Partners, who led the regional firm’s involvement on the transaction, said: “Talabat’s IPO marks a significant milestone for the equity capital markets in the UAE and across the GCC, setting a precedent for more tech companies to enter the public market.”
It is the sixth IPO the regional firm has been involved in this year. Ibrahim & Partners recently advised on Lulu Retail‘s offering on the Abu Dhabi Securities Exchange (ADX), alongside White & Case and Clifford Chance.
A cross-broder team from Linklaters’ Dubai and London offices acted as legal advisors to the joint lead managers on English, US, and Abu Dhabi Global Market (ADGM) law. The joint lead managers are Emirates NBD, Abu Dhabi Commercial Bank, First Abu Dhabi Bank, and EFG Hermes. The team was led by Jason Manketo, the global chair of the firm’s equities practice.
IPO activity in the Middle East remained strong in the third quarter of this year, with five IPOs raising $930 million, according to EY.
The DFM, over the past few years, has also featured substantial listing activity. Spinneys was the last to list shares on the DFM, in April. Linklaters and Ibrahim & Partners were involved in the IPO, as well as White & Case.
Editor’s note: This article has been updated with details of Gibson Dunn’s deal team.
