Talabat's $1 billion IPO in Dubai as soon as next week: Report

Latest update comes after firm reported a 46 per cent increase in third-quarter profits

Dubai: The initial public offering of Dubai-based food delivery company Talabat looks to be launched as soon as next week, according to Reuters, citing sources familiar with the undisclosed plans.

The listing, penciled in by its Berlin-headquartered parent Delivery Hero for the fourth quarter, could see the Middle East business - which operates in eight countries across the region - being valued at between $9 billion and $12 billion, Bloomberg estimates, and could raise $1 billion.

In what could be one of the UAE's biggest IPOs this year, the potential Talabat offering comes days after hypermarket chain operator Lulu Retail raised $1.72 billion ahead of publicly listing a 30 percent stake in Abu Dhabi.

The latest listing updates on Talabat comes after it reported a 46 per cent increase in third-quarter profits on the back of a 23 per cent spike in value of goods sold at $1.92 billion.