EFG Hermes, part of EFG Holding, cemented its position as the leading investment bank in the Middle East and North Africa (MENA) region by advising on the landmark IPO of Talabat Holding plc. Talabat, the region’s premier online food and grocery delivery platform, launched its USD 2.0 billion IPO on the Dubai Financial Market (DFM). The transaction marked the largest UAE IPO of 2024 and the most significant global tech IPO of the year.
The IPO involved the sale of a 20% stake held by Delivery Hero, attracting immense demand from local, regional, and international investors. EFG Hermes served as Joint Bookrunner on the deal, which achieved double-digit oversubscription levels. This achievement highlights the growing global interest in the region’s technology sector.
Karim Meleka, Co-Head of Investment Banking at EFG Hermes, remarked, “The overwhelming investor response to Talabat’s IPO underscores the platform’s value and the dynamic potential of the UAE’s tech ecosystem. We’re proud to have played a pivotal role in this milestone.”
LuLu Retail Raises USD 1.7 Billion in Oversubscribed IPO
Adding to its portfolio of successful transactions, EFG Hermes also advised on the IPO of LuLu Retail Holdings plc on the Abu Dhabi Stock Exchange (ADX). The USD 1.72 billion offering accounted for 30% of the company’s issued share capital.
LuLu Retail, the largest full-line retailer in the GCC, saw aggregate demand exceed AED 135 billion (USD 37 billion). The IPO was oversubscribed 25 times, excluding cornerstone investors, signaling robust investor confidence in the region’s retail sector.
Shares of LuLu Retail began trading on November 14, 2024, marking the 100th listing on ADX. EFG Hermes’ role as a Joint Bookrunner in this transaction further emphasized its expertise in managing large-scale IPOs.
EFG Hermes: Expanding Regional Capital Markets
The dual successes of Talabat and LuLu Retail highlight the firm’s continued dominance in the GCC IPO landscape. In 2024, EFG Hermes has successfully managed nine IPOs, with three on DFM and two on ADX.
Meleka added, “These landmark IPOs reaffirm our role as a trusted partner for high-profile transactions across the MENA region. The significant oversubscription levels in both offerings underscore investor enthusiasm for growth-oriented sectors like technology and retail.”
About EFG Holding
EFG Holding (EGX: HRHO.CA – LSE: EFGD) boasts over 40 years of excellence across eight countries and three verticals: Investment Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI), and Commercial Bank (Bank NXT).
With a robust portfolio spanning advisory, securities brokerage, and private equity, the firm has also emerged as a leader in fintech through its subsidiaries such as Tanmeyah, EFG Corp-Solutions, and Valu. EFG Holding continues to deliver comprehensive solutions tailored to the diverse needs of its clients.
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