Jahez sets price range for IPO on Nomu between SAR 750-850 per share

Logo of Jahez

Jahez International Company for Information Systems Technology (Jahez) set the price range for its initial public offering (IPO) on Nomu Parallel Market between SAR 750 and SAR 850 per share, HSBC Saudi Arabia, the financial advisor, lead bookrunner, lead manager, and stabilization manager, said.

The company offers 1.89 million shares, or 18% of its capital after the offering. It will allocate up to 204,590 shares as an over-allotment to implement the price stabilization mechanism, Jahez said in a statement to Tadawul.

The minimum number of shares to which participating categories can subscribe is 7,500, while the maximum number is 524,590.

The final offer price will be set after the completion of the book building process, which will run for qualified investors from Dec. 9-13

This will be followed by the retail qualified investor subscription process. Jahez will initially allocate 1.89 million shares, or 100% of the offer size to institutional qualified investors.

The final allocation will be made after the end of the retail offering.

In case individual qualified investors subscribe to the shares allocated for them, the lead bookrunner shall have the right to reduce the number of offer shares allocated to institutional qualified investors to 1.62 million shares – as a minimum - representing 85.6% of the total number of offer shares.

On Dec. 7, the CMA approved an application from Jahez to increase its offer size on Nomu - Parallel Market to 1.89 million shares, or 18% of the group’s capital from 1.36 million shares, or 13% of the group’s capital, Argaam reported.

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