BERLIN (dpa-AFX) - Delivery Hero SE (DHER.DE, DLVHF.OB) announced plans to launch an initial public offering (IPO) for 15% of the total shares of Talabat Holding plc, which is indirectly held by Delivery Hero. The company aims to list all of Talabat's shares on the Dubai Financial Market in mid-December 2024.
Delivery Hero noted that it would retain the majority interest in Talabat, be subject to a lock-up of 180 days following listing, be represented with half of the directors on the board of Talabat and continue to consolidate Talabat in its consolidated financial statements after implementation of the intended IPO.
Delivery Hero plans to use the proceeds from the IPO, which will depend on the number and price of Talabat shares sold, for general corporate purposes and to further optimize its capital structure.
Following the intended IPO, Talabat currently plans to pay a minimum dividend of about US$100 million in April 2025 in respect of the financial results of the fourth quarter 2024 and of about US$400 million in two instalments in October 2025 and April 2026 in respect of the financial results of 2025. Thereafter, Talabat intends to pay dividends twice each calendar year, in each case with a target net income payout of 90%. Delivery Hero would profit from any such dividend with its respective remaining majority stake in Talabat.
Delivery Hero SE announced on August 29, 2024 its preparation to list its food delivery and quick commerce business that operates in the United Arab Emirates and other countries in the Middle East and North Africa under the talabat brand on the Dubai Financial Market in the fourth quarter of 2024.
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