EFG Hermes advises on IPOs of Talabat, LuLu Retail on UAE markets
Updated 12/10/2024 2:14:00 PM
Arab Finance: EFG Hermes, an investment bank and a subsidiary of EFG Holding, has completed its advisory on the $2 billion initial public offering (IPO) of Talabat Holding on the Dubai Financial Market (DFM), according to a press release.
The transaction, which involved the divestment of 20% of Delivery Hero's stake, was the largest UAE IPO of 2024 and the largest global tech IPO of the year to date.
The offering recorded significant interest from international, regional, and local investors, resulting in double-digit oversubscription levels.
Moreover, the company’s investment banking division concluded advisory on the IPO of LuLu Retail Holdings on the Abu Dhabi Stock Exchange (ADX).
LuLu Retail raised AED 6.32 billion ($1.72 billion), equivalent to 30% of the company’s issued share capital. The offering attracted demand of over AED 135 billion (nearly $37 billion) from local, regional, and international investors.
EFG Hermes acted as a joint bookrunner for the two transactions, bringing its total GCC IPO count to nine this year, including three IPOs on DFM and two on ADX.
Karim Meleka, Co-Head of Investment Banking at EFG Hermes, commented: “The success of Talabat's and LuLu Retail’s IPOs highlights the soaring investor interest in MENA’s technology and retail sectors.”
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