Riyadh – Mubasher: Saudi online food delivery platform Jahez International Company for Information Systems Technology intends to proceed with an initial public offering (IPO) and to list 13% of its capital on the Saudi Exchange’s (Tadawul) Parallel Market (Nomu).
Jahez plans to list 1.36 million ordinary shares on Nomu, upon the Capital Market Authority’s (CMA) approval on 29 September 2021, according to a press release on Wednesday.
The final IPO price will be announced at the end of the bookbuilding period.
The IPO comprises a secondary offering of 4.5% of total share capital through a pro-rata selldown by Jahez shareholders. This is in addition to a primary offering of 8.5% of the total share capital by issuing new shares, as well as an allocation of up to 15% of the offer shares as an over-allotment to preserve the price stabilisation mechanism.
Earlier this year, Jahez reportedly appointed HSBC Saudi Arabia, the local unit of HSBC Holdings, to be the sole financial advisor and global coordinator for its IPO.