Saudi Jamjoom Pharma, through its IPO, is seeking to raise up to 1.26 billion riyals ($336 million).
The company will offer 21 million shares, or 30% of the number of shares issued, by selling the shares of existing shareholders.
The offering is managed by Saudi Fransi Capital, with participation from JP Morgan as financial advisor, and Al Rajhi Capital as institutional bookrunner and underwriter.
The final price will be determined after the book building process, which began Monday and ends May 22.
Registration for retail investors will open from May 30 to June 1.
On December 28, 2022, the Saudi Capital Market Authority approved the company’s application to offer 21 million shares, representing 30% of the company’s 70 million share capital, by selling the existing shares held by the selling shareholders.
A maximum of two million one hundred thousand common shares will be allotted to individual subscribers, representing ten percent of the shares offered.
The momentum continues in the IPO market in the Kingdom, as the main market expects two more IPOs this year, following the IPO of Jamjoom Pharma, which is the IPO of Flexible Murabaha Financing Company, and the Human Resources Company.
The Nomou Market is also expecting 6 subscriptions, according to data announced on the “Tadawul” website.
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