Riyadh – Mubasher: HSBC Saudi Arabia announced a price range between SAR 750 and SAR 850 per share for the initial public offering (IPO) of the Saudi online food delivery platform Jahez International Company for Information Systems Technology.

The IPO comprises 1.88 million shares that represent 18% of Jahez capital after the offering, in addition to 204,590 shares as an over-allotment for the price stabilisation mechanism, HSBC Saudi Arabia, the financial advisor, lead bookrunner, lead manager, and stabilisation manager of the IPO, said in a bourse filing on Thursday.

Participating investors can apply for a minimum number of 7,500 shares, while the maximum number of shares was set as 524,590.

The final IPO price will be determined following the completion of the five-day book-building process, during 9-13 December, which will be followed by the individual subscription process.

The offer size has been increased from the previously announced 1.36 million ordinary shares after Hassana Investment Copmany acquired a 4.99 % stake in Jahez.