Three banks shortlisted for Talabat’s Dubai listing

Three banks have been picked to proceed with the proposed listing of food delivery service Talabat on the Dubai Financial Market.

Emirates NBD Bank, Morgan Stanley and JPMorgan Chase & Co. will work on the initial public offering (IPO), Bloomberg reported, citing sources familiar with the matter.

However, the sources said that final decisions on valuation are still pending and additional banks may be involved.

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Talabat’s enterprise value is estimated to exceed €5.4 billion ($6 billion), according to Bloomberg Intelligence.

Meanwhile, Canada-based investment bank RBC Capital Markets has valued parent company Delivery Hero’s Middle East and North Africa business at €5 billion, the report said. 

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Talabat, which operates in eight countries across the Middle East and North Africa, plans to launch the IPO in the fourth quarter, Delivery Hero said in a filing on the Frankfurt Stock Exchange late last month.

Food delivery companies in the Mena region doubled their net profit last year, generating $680 million, a 120 percent year-on-year increase, according to Teaser Research Company.