Jahez International Company for Information Systems Technology a leading online food delivery platform in Saudi Arabia, has celebrated the listing of its shares and commencement of trading on the Saudi Exchange’s Parallel Market (Nomu).
The move follows the successful completion of its initial public offering (IPO). The Company is now trading under the ticker symbol: 9526.
Prince Mishal bin Sultan bin Abdulaziz Al Saud, Chairman of the Board of Directors at Jahez International Company, commented: “This achievement is one of the benefits of public-private sector collaboration and a testament of the strength and prosperity of our Saudi economy with the support and directives of our government under the wise leadership of the Custodian of the Two Holy Mosques King Salman and Crown Prince Muhammad bin Salman. Being the first homegrown Saudi technology start-up to list on the Saudi Exchange’s Parallel Market (Nomu) represents the next step and an incredible milestone in the growth journey of Jahez and the sector in general.”
“In the offering process, Jahez has utilized the principles of Vision 2030 led by HRH the Crown Prince, and we look forward to contributing to the prosperity of the promising technology sector in the Kingdom and playing our part in strengthening the position of the Saudi Capital Market,” he added.
Ghassab Al Mandeel, Chief Executive Officer at Jahez International Company, commented: “We are proud to announce that with this latest milestone in our journey, we are officially the first homegrown Saudi early stage company to list on the Saudi Exchange. We thank our investors for their strong interest and support, a testament to our financial and operational strength and future growth potential. With this achievement, we are poised to accelerate our strategy of focusing on four verticals, best practice corporate governance standards, and leverage supportive market dynamics in order to provide the best customer experience while delivering value for our esteemed shareholders.”
The Offering consisted of 1,888,523 Shares representing 18.0% of the Group’s Share Capital post the offering, in addition to allocating 204,590 over-allotment shares to institutional qualified investors to implement the price stabilization mechanism. 85.6% of the Offering was allocated to institutional qualified investors and 14.4% allocated to individual qualified investors.
The Offering generated high demand from institutional and individual investors alike, as the IPO was 38.8x and 5.9x oversubscribed, generating demand of SR59.8 billion and SR1.4 billion, respectively. The final offer price for the offering had been set at SR850 per share, implying a market capitalization of SR8.9 billion ($ 2.4 billion) at listing.
With respect to the Offering, the Group appointed HSBC Saudi Arabia as the Financial Advisor, Lead Bookrunner, Lead Manager, and Stabilizing Manager.
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