Delivery Hero SE is moving forward with plans to list its Talabat unit in Dubai, taking advantage of the surge in initial public offerings in the Gulf region. The German food delivery giant has engaged Emirates NBD Bank PJSC, Morgan Stanley, and JPMorgan Chase & Co. to manage the listing, which could potentially raise around $1 billion, according to sources familiar with the matter. While final valuation details are yet to be determined, additional banks may also be involved in the deal. Both Delivery Hero and the involved banks have declined to comment.

The IPO is slated for the fourth quarter, coinciding with a wave of IPO activity in the Gulf following a relatively quiet summer. Last week alone, multiple companies across various sectors announced IPO plans, many of which were oversubscribed within hours. Talabat’s enterprise value is estimated at over €5.4 billion ($6 billion) by Bloomberg Intelligence, while RBC Capital Markets values Delivery Hero’s Middle East and North Africa operations at around €5 billion.