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Shares of Delivery Hero sink as unit Talabat debuts on Dubai Market

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Shares of Delivery Hero sink as unit Talabat debuts on Dubai Market

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.

However, the initial gains quickly dissipated, and the stock slipped as much as 7.5% before settling 12..4% lower at Dhs1.5. The enthusiasm was further underscored by commitments from cornerstone investors, including the UAE Strategic Investment Fund, Abu Dhabi Pension Fund, and Emirates International Investment Company, who collectively subscribed to shares worth as much as Dhs918 million.

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