Emirates NBD has been among the leading advisers on new share sales in Dubai since the city embarked on an IPO push towards the end of 2021. The government’s privatisation program has since raised more than US$8 billion and the new additions have helped almost double the total market capitalization of stocks listed on the bourse.
German food delivery giant Delivery Hero’s Middle Eastern unit is set to start trading in Dubai next week, solidifying a years-long turnaround for the city’s bourse.
Talabat’s US$2 billion ($2.68 billion) initial public offering, the largest in the Middle East this year and the biggest technology listing globally, could also help kickstart a new chapter in the emirate’s push for private listings.
“Talabat is definitely not a one-off,” according to Prasad Chari, group head of equity capital markets at Emirates NBD, which helped lead the IPO. The bank is in “active discussions” with several issuers and sponsors globally who are considering Dubai’s bourse for a potential listing, Chari said.
