Delivery Hero SE, which operates its food delivery and quick commerce business in the UAE and other Middle East and North Africa countries under the Talabat brand, is planning an initial public offering of the Talabat business in Dubai.
The listing on the Dubai Financial Market is likely to take place in Q4 2024.
A listing may be pursued through a secondary sale of shares by Delivery Hero, which would retain the majority interest in the local listing entity after the IPO.
The execution of the IPO remains subject to market conditions, the approval of a securities prospectus by the Securities and Commodities Authority of the UAE and further resolutions of the management board and supervisory board of Delivery Hero.
Strong H1 results
Delivery Hero today also announced its Q2 2024 and half-year financial results. In H1 2024, Delivery Hero achieved adjusted EBITDA of EUR 240 million, a growth of EUR 231 million from H1 2023, and reached free cash flow break-even.
The company reported positive gross merchandise value (GMV) growth of 7 percent for the full quarter, driven mainly by a rise in order volume, with GMV growth outside of Asia reaching 23 percent year-on-year in Q2 2024. Delivery Hero ended the quarter with a GMV increase of 10 percent year-on-year in June, with growth coming from almost all segments.
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Niklas Östberg, CEO and Co-Founder of Delivery Hero, said: “We delivered another strong quarter of growth and improved profitability which is a testament to our relentless focus on customer experience, operational efficiency, and category leadership. We ended the quarter on a high note and expect further growth and significant increase in profitability in H2 2024,” said Niklas Östberg, CEO and co-founder of Delivery Hero.
MENA business shines
In the MENA region, the group’s platform business achieved outstanding GMV topline development of 28 percent year-on-year, fueled by ongoing improvements to the ecosystem and customer experience. Europe experienced double-digit order volume growth, leading to best-in-class GMV development of 19 percent year-on-year in Q2 2024 among European peers. In Asia, the platform business reported revenue growth of 9 percent y-o-y.
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