In the largest IPO of the year in the United Arab Emirates, the shares of Delivery Hero subsidiary Talabat made their debut with price gains.

The shares were listed on the Dubai Stock Exchange for the first time on Tuesday at 1.70 dirhams. This was an increase of a good six percent on the issue price of 1.60 dirhams (0.41 euros).

The issue volume is the equivalent of around 1.9 billion euros. All the shares on offer are from Delivery Hero. Due to high demand, the food delivery company is putting 20 percent of Talabat shares on the market instead of the originally planned 15 percent. The parent company emphasizes that it intends to retain a majority stake in the fast-growing Middle East subsidiary in the long term.

(Report by Hakan Ersen, edited by Christian Götz. If you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)