BERLIN, GERMANY - SEPTEMBER 04: The Delivery Hero office photographed on September 04, 2020 in Berlin, Germany.
(Photo by Jeremy Moeller/Getty Images)European food delivery firm Delivery Hero says it plans to spin off its Middle East business Talabat and float it on the Dubai stock exchange later this year.
In a brief statement Thursday, Delivery Hero said that it is "preparing a listing of its Talabat business on the Dubai Financial Market" in the fourth quarter.
"A listing may be pursued through a secondary sale of shares by Delivery Hero which would retain the majority interest in the local listing entity after an IPO," Delivery Hero said in a statement.
Shares of Delivery Hero jumped nearly 10% Thursday on the back of the Talabat IPO news as of 7:30 a.m.
Persons:
Jeremy Moeller, Niklas Ostberg
Organizations:
Getty, Dubai, CNBC
Locations:
BERLIN, GERMANY, Berlin, Germany, Dubai