May 12, 2023

Jamjoom Pharma of Saudi Arabia intends to list on the Saudi Exchange.

Jamjoom Pharmaceuticals Factory business of Saudi Arabia aims to proceed with its scheduled initial public offering on the Saudi Exchange, the business announced on Thursday.

Jamjoom Pharma intends to list on the main market of the Saudi Exchange by selling 21 million of its current shares, or 30% of its issued share capital, according to a release.

The IPO’s financial advisers are JPMorgan Saudi Arabia and Saudi Fransi Capital. AlRajhi Capital joins them as underwriters and bookrunners. Saudi Fransi Capital additionally serves as the principal manager.

The Middle East was a hotspot for stock market listings last year and has continued to be so this year, with listings from Abu Dhabi’s ADNOC Gas (ADNOCGAS.AD), Oman’s Abraj Energy (ABRJ.OM), and the UAE’s Al Ansari Financial Services.

According to Dealogic data, companies in the region raised $21.9 billion in IPOs in 2022, more than half of the total for Europe, the Middle East, and Africa.

Several other Saudi companies are planning initial public offerings, including Morabaha Marina Financing Company, a non-bank finance institution that announced on Monday that it plans to offer 30% of its common stock in an IPO on the Saudi Exchange.

According to Reuters, auto rental provider Lumi recruited banks last month to arrange the sale of 30% of its shares in an IPO, while the country’s Capital Markets Authority accepted First Milling Company’s IPO proposal.

In December, the CMA approved Jamjoom’s IPO application.

The company reported a net profit of 171 million riyals ($45.60 million) last year.

The institutional bookbuilding period will begin on May 15, when the price range will be announced, and will finish on May 22. The retail subscription period will continue from May 30 to June 1, with the final shares being allocated on June 7.

(1 dollar = 3.7498 riyals)

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