Talabat, the Middle Eastern arm of Delivery Hero, is gearing up for a major IPO on the Dubai stock exchange next week, marking one of the largest public offerings in the UAE this year. Scheduled for the fourth quarter, the offering is expected to kick off as soon as Monday, with sources indicating that it could generate over $1 billion in stock sales, solidifying Talabat's position as the Middle East's top food ordering business. Amid a retail boom and a wave of regional IPOs fueled by the Gulf’s strategic push to diversify away from oil, Talabat’s listing arrives alongside Lulu Retail, which raised $1.72 billion this past Wednesday.

Founded in Kuwait in 2004, Talabat has expanded rapidly across the Middle East, now serving millions across the UAE, Oman, Qatar, Bahrain, Jordan, Iraq, and Egypt. Besides food, it offers delivery services for groceries, health products, and more. Delivery Hero, which acquired a controlling stake in Talabat in 2015, plans to retain its majority holding, with analysts predicting the IPO will aid in debt reduction. Delivery Hero’s shares, which have seen a 74% decline since early 2021, are poised for a potential lift as Jefferies analyst Giles Thorne describes Talabat as one of the highest quality delivery platforms globally, with an estimated valuation of €11.5-13.5 billion.