RIYADH: The Capital Market Authority (CMA) approved a request by Jahez International Co., a top operator of food delivery service, to sell 1.36 million shares, or 13 percent of its share capital, in an initial public offering (IPO) on Nomu parallel market.
The approval on the offering is valid for six months as of today, and will be cancelled if the offering and listing of the company's shares are not completed within this period, the market regulator said in a statement today.
In May, Jahez appointed HSBC Saudi Arabia as a financial advisor and global coordinator for its potential IPO, according to Argaam.
The Saudi company uses innovative technology to serve nearly 2 million customers through its Jahez platform, which was launched in 2016.
The platform includes 13,000 branches and stores, as well as 45,000 delivery workers in 47 cities across Saudi Arabia. In 2020, when home deliveries rose due to the pandemic, the total number of orders made through the Jahez platform reached around 20 million.