EFG Hermes Completes Advisory on Talabat’s USD 2.0 Billion IPO and LuLu Retail’s USD 1.7 Billion IPO

Dubai 10 Dec 2024:

EFG Hermes, an EFG Holding company and the leading investment bank in the Middle East and North Africa (MENA), announced today that its investment banking division completed its advisory on the initial public offering (IPO) of Talabat Holding plc, the region’s leading online food and grocery delivery platform on the Dubai Financial Market (DFM). EFG Hermes acted as a Joint Bookrunner on the transaction, which involved the divestment of 20% of Delivery Hero’s stake, valued at approximately USD 2.0 billion, making it the largest UAE IPO of 2024 and the largest global tech IPO of the year to date. The IPO saw significant interest from international, regional, and local investors, resulting in double-digit oversubscription levels.

This comes shortly after the firm’s investment banking division successfully completed advisory on the initial public offering of LuLu Retail Holdings plc (LuLu Retail), the largest and fastest growing pan-GCC full-line retailer, on the Abu Dhabi Stock Exchange (ADX). EFG Hermes acted as a joint bookrunner on the transaction.

LuLu Retail raised AED 6.32 billion (USD 1.72 billion), equivalent to 30% of the company’s issued share capital. The landmark offering achieved aggregate demand of over AED 135 billion (c. USD 37 billion) from local, regional, and international investors, with the IPO oversubscribed by more than 25 times across all tranches (excluding cornerstone investors). The company’s shares started trading on 14 November, marking the 100^th listing on the ADX.

Karim Meleka, Co-Head of Investment Banking at EFG Hermes, commented, “We are thrilled to have been part of Talabat’s and LuLu Retail’s monumental IPOs – representing major milestones for both companies and the UAE capital markets. The success of Talabat’s and LuLu Retail’s IPOs highlights the soaring investor interest in MENA’s technology and retail sectors. Our involvement reaffirms EFG Hermes as the trusted partner for high-profile regional transactions. We proudly support Talabat and LuLu Retail as they embark on this exciting new chapter.”

The IPOs of Talabat and LuLu Retail bring EFG Hermes’ total GCC IPO count to nine this year, including three IPOs on the Dubai Financial Market (DFM) and two on the Abu Dhabi Stock Exchange.

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About EFG Holding

EFG Holding (EGX: HRHO.CA – LSE: EFGD) is a trailblazing financial institution with a remarkable 40-year legacy of success in eight countries spanning two continents. Operating within three distinct verticals — the Investment Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and Commercial Bank (Bank NXT) — the company provides a comprehensive range of groundbreaking financial products and services tailored to meet the needs of a diverse clientele, including individual clients and businesses of all sizes.

EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA), offers an extensive array of financial services, encompassing advisory, asset management, securities brokerage, research, and private equity. In its domestic market, EFG Holding serves as a universal bank, with EFG Finance emerging as the fastest-growing NBFI platform, comprising Tanmeyah, a small and microfinance player, EFG Corp-Solutions, which provides leasing and factoring services, Valu, a universal financial technology powerhouse, PayTabs Egypt, a digital payment platform, as well as Bedaya for mortgage finance and Kaf for insurance as well as Fatura, a technology-backed B2B marketplace. Furthermore, the company delivers commercial banking solutions through Bank NXT, a leading provider of integrated retail, corporate, and Islamic banking products in Egypt.