Delivery Hero's Talabat sets Dubai IPO price at top end, to raise $2 bln
Corrects date and day of the week
Nov 29 (Reuters) -Talabat, one of the largest food ordering businesses in the Middle East, is set to raise about $2 billion from the largest initial public offering in the United Arab Emirates, after its parent Delivery Hero DHER.DE on Friday priced the offering at the top end of an earlier indicated range.
Germany's Delivery Hero said it had priced the IPO of Talabat at 1.60 dirhams ($0.4357) per share for gross proceeds of about $2 billion.
Delivery Hero set the final price per share in consultation with the advising banks, it said.
Delivery Hero on Wednesday increased the offer size to a 20% stake from 15%, citing "significant international and regional investor demand".
The IPO on the Dubai Financial Market (DFM) follows Lulu Retail Holdings floating a 30% stake in Abu Dhabi this month, raising $1.72 billion in the UAE's largest IPO this year to date.
The shares are expected to begin trading on Dec. 10.
"Delivery Hero intends to retain a long-term majority indirect ownership position in Talabat," the parent said.
Founded in 2004 in Kuwait, Talabat has expanded to the UAE, Oman, Qatar, Bahrain, Jordan, Iraq and Egypt. It had more than six million active customers as of September.
Delivery Hero first entered the Middle East in 2015 when it bought Talabat from German e-commerce group Rocket Internet, which acquired Talabat for about 150 million euros ($158.52 million) earlier that year.
($1 = 3.6723 UAE dirham)
($1 = 0.9463 euros)
Reporting by Gnaneshwar Rajan in Bengaluru; Writing by Yousef Saba in Dubai; Editing by Abinaya Vijayaraghavan and Kim Coghill
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