RIYADH: Saudi-based online food delivery platform Jahez International Co. is to join Saudi Arabia’s stock exchange on Jan. 5, 2022, according to a bourse filing on Monday.
Jahez, as the firm is known, will debut its shares on the Nomu parallel market.
The initial public offering of the food delivery company was Nomu’s biggest in 2021 and would mark the first listing of a local technology startup on the Kingdom’s stock exchange.
The results of the qualified individual investors’ subscription showed a coverage ratio of 589 percent, according to a bourse filing by HSBC Saudi Arabia on Tuesday, Jan. 4.
A sum of 272,786 shares was offered to individual investors from Dec. 23 to Dec. 26, 2021, during which they injected nearly SR1.37 billion ($360 million) worth of orders.
On Dec. 19, 2021, a bourse filing by HSBC Saudi Arabia revealed that Jahez set its offer price at SR850 per share – the highest end of the indicative range.
The final offer price implied a market value of SR8.9 billion.
This followed the completion of the book-building process for qualified institutional investors, with the offering 38.8 times oversubscribed.
“The offering was met with strong interest from qualified institutional investors, which is a testament to the company’s financial and operational position, leading market position,” the company’s chief Ghassab Al Mandeel said in a bourse statement in December 2021.