GDANSK (Reuters) – Delivery Hero shares rose on Thursday after announcing plans to list its UAE unit Talabat on the Dubai Stock Exchange in the fourth quarter, as the group also reported a rise in its gross merchandise value in the second quarter.
The IPO could be done through a secondary offering of Delivery Hero shares and the group would retain a majority stake after the listing, he added.
On the Frankfurt Stock Exchange, at around 08:20 GMT, the share price rose 4.64% to 24.59 euros, compared to a gain of 0.25% for the Dax at the same time.
In a note, Jefferies underlines that, in its point of view, the announcement of the IPO is the main catalyst pulling the stock upwards.
The deal, if completed, will be offset by the sale of Foodpanda Taiwan, while highlighting a quality asset that has been somewhat lost in the conglomerate’s structure until now, Jefferies said.
The German food delivery company also reported higher-than-expected growth in its gross merchandise value in the second quarter on Thursday, driven by increased order volumes.
Its gross merchandise value, a metric commonly used by shipping companies that measures the total value of all goods sold, rose 7.4 percent at constant exchange rates in the second quarter to 11.89 billion euros, beating analysts’ estimates compiled by the company.
(Written by Pauline Foret with Andrey Sychev, Éva Orsolya Papp and Paolo Laudani, edited by Augustin Turpin and Kate Entringer)
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