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Jahez hires HSBC Saudi Arabia for IPO

Jahez hires HSBC Saudi Arabia for IPO
HSBC Saudi Arabia will be the sole financial advisor

Riyadh – Mubasher: Food delivery company Jahez has appointed HSBC Saudi Arabia, the local unit of HSBC Holdings, as the sole financial advisor and global coordinator for its potential initial public offering (IPO) on Nomu-Parallel Market Capped Index (NomuC), Bloomberg reported.

HSBC Saudi Arabia will help manage what could be the Kingdom’s first listing by a tech startup.

Nomu is the Saudi Exchange’s (Tadawul) secondary market that has lighter listing requirements to encourage smaller enterprises and startups to raise equity.

CEO of Jahez, Ghassab Al Mandeel, reportedly said: “We will continue to expand our platform to tap into new growth opportunities offered by rapid, technology-enabled changes in consumer behaviour, both in Saudi Arabia and in the wider region.”

Last year, Jahez concluded an investment worth SAR 137 million in a Series A funding round led by Impact46.