The stock traded around 1.70 U.A.E. dirham compared with its initial public offering price of 1.60 dirham announced on Nov. 29.

Talabat Holding’s shares opened at Dhs1.70, higher than the price at which Germany’s Delivery Hero sold 4.7 billion shares last month.

Investing.com -- Shares of Delivery Hero fell over 10% on Tuesday as its unit, Talabat, made its debut on the Dubai Financial Market, raising $2 billion in its initial public offering.

Talabat’s listing maintains Dubai’s stellar IPO pipeline, with the total value of funds raised on DFM in 2024 reaching AED10.48bn ($2.9bn) while the market ranked as the best performing regional market for the second year in a row.

Talabat is to raise about $2 billion from its IPO this year, after Delivery Hero priced the offering at the top end of the indicated range.

Talabat's landmark initial public offering ("IPO" or the "Offering"), which raised gross proceeds of c. AED 7.5 billion (c. USD 2.0 billion) through the offering of 20% of the Company's total issued share capital, is the largest global technology IPO in 2024, the largest IPO in the GCC this year, and the first ever technology sector IPO on DFM.

Shares in Delivery Hero's Middle East subsidiary Talabat began trading in Dubai on Tuesday. The Germany-based food delivery platform is raising around $2 billion through Talabat Holding's initial public offering (IPO) on the Dubai stock exchange.