DUBAI, May 4 (Reuters) – Saudi Arabia’s Jamjoom Pharmaceuticals Factory Company intends to conduct a proposed IPO on the Saudi Stock Exchange, the company said on Thursday.
Jamjoom Pharma plans to list on the main market of the Saudi Stock Exchange by selling 21 million of its existing shares, representing 30% of its issued share capital, the company said in a statement.
JPMorgan Saudi Arabia and Saudi Fransi Capital are financial advisors on the IPO. They are supported by AlRajhi Capital as underwriter and bookrunner. Saudi Fransi Capital is also Lead Manager.
The Middle East was a bright spot for listings last year and has been so so far this year with listings by Abu Dhabi-based ADNOC Gas (ADNOCGAS.AD), Oman-based oil drilling company Abraj Energy (ABRJ.OM) and United States-based Al Ansari Financial Arab Emirates services.
Companies from the region have raised $21.9 billion through IPOs in 2022, more than half the total for the entire Europe, Middle East and Africa region, data from Dealogic shows.
Several other Saudi companies are planning IPOs, including Morabaha Marina Financing Company, a non-bank financial institution that said on Monday it intends to offer 30% of its share capital in an initial public offering on the Saudi Stock Exchange.
Sources told Reuters last month that car rental company Lumi has hired banks to arrange a sale of 30% of its stake in an IPO, while the country’s Capital Markets Authority approved First Milling Company’s IPO application.
The CMA approved Jamjoom’s IPO application in December.
The company made a net profit of 171 million riyals ($45.60 million) last year, it said.
Institutional bookbuilding will begin on May 15th, when the price range will also be announced, and will end on May 22nd. The subscription period for private clients runs from May 30th to June 1st and the final allotment of shares will take place on June 7th.
($1 = 3.7498 riyals)
Reporting by Yousef Saba; Adaptation by Stephen Coates
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