DUBAI: Saudi Arabia's Jamjoom Pharmaceuticals Factory Company has set the price range for its initial public offering that could raise as much as 1.26 billion riyals ($336 million), the company said on Monday.

Jamjoom set the price range for the Saudi Exchange IPO at between 56 and 60 riyals a share, implying a valuation of between 3.9 and 4.2 billion riyals, it said in a statement.

The company will offer 21 million shares, or 30% of its issued share capital, by selling existing shareholders' shares.

Saudi Fransi Capital is lead manager and is joined by JPMorgan as financial adviser. AlRajhi Capital joins is an underwriter and bookrunner.

The final price will be set after book building, which started on Monday and ends on May 22. Subscription for retail investors runs from May 30 to June 1. ($1 = 3.7501 riyals) (Reporting by Yousef Saba; Editing by Kirsten Donovan)