Dubai: The Premier Destination for Private Company Listings in the Region
Market highlights technology prowess with record-breaking IPO
Dubai has solidified its position as a leading global hub for private company listings.
This year, the highly successful Initial Public Offering (IPO) of Talabat on the Dubai Financial Market (DFM) raised a staggering 7.5 billion AED ($2 billion) by offering 20% of its issued shares.
Not only does this mark the largest technology IPO globally in 2024, but it also stands as the most significant public offering in the GCC this year.
This achievement underscores Dubai's commitment to fostering a thriving financial ecosystem.
The Talabat IPO is the third listing on the DFM in 2024, underscoring its appeal as a global capital markets center.
The event was marked with a ceremonious opening bell ringing at the DFM by Talabat CEO Tomaso Rodriguez, joined by His Excellency Helal Al Marri, Chairman of DFM, Hamid Ali, CEO of DFM and Nasdaq Dubai, and Niklas Ostberg, CEO of Delivery Hero.
Helal Al Marri noted, 'Talabat's successful listing is a testament to Dubai's standing as a vibrant global financial center, emphasizing our stable regulatory environment and robust infrastructure nurtured under the visionary leadership of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance.
Our unwavering commitment remains to attract leading private sector companies to list their shares on our platform, diversify investment opportunities, and pave the way for more consumer goods, technology, and retail companies to leverage our market for growth.'
Hamid Ali highlighted, 'Talabat's entry onto the DFM reflects the strength of Dubai's capital markets and the steadfast investor confidence in the UAE.
This listing is the result of our dedication to offering innovative market solutions, expanding investment opportunities, and fostering a supportive growth environment for companies through our robust investor base.'
In the words of Talabat CEO Tomaso Rodriguez, 'This milestone is a testament to Talabat's two-decade-long journey of ambition and innovation.
Today marks the beginning of a promising new phase for both Talabat and the broader technology sector in the region.
We are excited to welcome our new shareholders into our journey of progress.'
With Talabat's listing, the DFM maintains its upward trajectory, achieving the top regional rank for the second consecutive year in index performance, and continuing its IPO momentum with total raised proceeds of 10.48 billion AED in 2024.
This reinforces the UAE's comprehensive economic diversification strategy.
The DFM's market capitalization surpassed 800 billion AED, powered by Talabat Holding PLC's entry.
Talabat commanded the majority market liquidity with its first trading session reaching 1.18 billion AED, representing 70.2% of the total market liquidity of 1.7 billion AED, closing at 1.49 AED against an opening price of 1.6 AED and initially surging 7.5% to 1.72 AED.
Meanwhile, local stock indices displayed resilience, with the DFM index closing at 4794.11 points, down by 1.11%, while the FTSE ADX General Index was marginally lower at 9249.9 points.
Local equity markets attracted liquidity of 2.65 billion AED, spread across 967.13 million AED in Abu Dhabi and 1.7 billion AED in Dubai, with trading volumes soaring to 1.3 billion shares via 56,000 transactions.
Investors focused on blue-chip equities such as 'Emirates Islamic', which surged at the market cap, and other notable movers including 'Shuaa Capital' and 'ADNOC Drilling'.
UAE investors led net buying in Dubai with a net investment of 38.9 million AED, evidencing robust local demand.
Leading Abu Dhabi's market activity, 'International Holding Company' captured the bulk of trading value at 186.2 million AED, followed by 'ADNOC Drilling' with 75.5 million AED, which rose by 4.24% to 5.65 AED, marking its highest close since listing.
Other significant rises in Abu Dhabi included 'E-Seven IPO Notes' at 5.2% and 'Pure Health Holding' at 4.9%.
This level of activity underscores the enduring dynamism and attractiveness of the UAE's financial markets.
This year, the highly successful Initial Public Offering (IPO) of Talabat on the Dubai Financial Market (DFM) raised a staggering 7.5 billion AED ($2 billion) by offering 20% of its issued shares.
Not only does this mark the largest technology IPO globally in 2024, but it also stands as the most significant public offering in the GCC this year.
This achievement underscores Dubai's commitment to fostering a thriving financial ecosystem.
The Talabat IPO is the third listing on the DFM in 2024, underscoring its appeal as a global capital markets center.
The event was marked with a ceremonious opening bell ringing at the DFM by Talabat CEO Tomaso Rodriguez, joined by His Excellency Helal Al Marri, Chairman of DFM, Hamid Ali, CEO of DFM and Nasdaq Dubai, and Niklas Ostberg, CEO of Delivery Hero.
Helal Al Marri noted, 'Talabat's successful listing is a testament to Dubai's standing as a vibrant global financial center, emphasizing our stable regulatory environment and robust infrastructure nurtured under the visionary leadership of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance.
Our unwavering commitment remains to attract leading private sector companies to list their shares on our platform, diversify investment opportunities, and pave the way for more consumer goods, technology, and retail companies to leverage our market for growth.'
Hamid Ali highlighted, 'Talabat's entry onto the DFM reflects the strength of Dubai's capital markets and the steadfast investor confidence in the UAE.
This listing is the result of our dedication to offering innovative market solutions, expanding investment opportunities, and fostering a supportive growth environment for companies through our robust investor base.'
In the words of Talabat CEO Tomaso Rodriguez, 'This milestone is a testament to Talabat's two-decade-long journey of ambition and innovation.
Today marks the beginning of a promising new phase for both Talabat and the broader technology sector in the region.
We are excited to welcome our new shareholders into our journey of progress.'
With Talabat's listing, the DFM maintains its upward trajectory, achieving the top regional rank for the second consecutive year in index performance, and continuing its IPO momentum with total raised proceeds of 10.48 billion AED in 2024.
This reinforces the UAE's comprehensive economic diversification strategy.
The DFM's market capitalization surpassed 800 billion AED, powered by Talabat Holding PLC's entry.
Talabat commanded the majority market liquidity with its first trading session reaching 1.18 billion AED, representing 70.2% of the total market liquidity of 1.7 billion AED, closing at 1.49 AED against an opening price of 1.6 AED and initially surging 7.5% to 1.72 AED.
Meanwhile, local stock indices displayed resilience, with the DFM index closing at 4794.11 points, down by 1.11%, while the FTSE ADX General Index was marginally lower at 9249.9 points.
Local equity markets attracted liquidity of 2.65 billion AED, spread across 967.13 million AED in Abu Dhabi and 1.7 billion AED in Dubai, with trading volumes soaring to 1.3 billion shares via 56,000 transactions.
Investors focused on blue-chip equities such as 'Emirates Islamic', which surged at the market cap, and other notable movers including 'Shuaa Capital' and 'ADNOC Drilling'.
UAE investors led net buying in Dubai with a net investment of 38.9 million AED, evidencing robust local demand.
Leading Abu Dhabi's market activity, 'International Holding Company' captured the bulk of trading value at 186.2 million AED, followed by 'ADNOC Drilling' with 75.5 million AED, which rose by 4.24% to 5.65 AED, marking its highest close since listing.
Other significant rises in Abu Dhabi included 'E-Seven IPO Notes' at 5.2% and 'Pure Health Holding' at 4.9%.
This level of activity underscores the enduring dynamism and attractiveness of the UAE's financial markets.
