Jamjoom Pharma hits limit-up on debut

Logo of Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) 

Jamjoom Pharmaceuticals Factory Co.’s (Jamjoom Pharma) shares hit limit-up at SAR 78.00 on its first trading session on the Saudi Exchange (Tadawul) today, June 20, compared to the listing price of SAR 60.

The stock reached its lowest level today at SAR 66.00.

Nearly 879,940 shares worth SAR 68.10 million were traded through 7,849 transactions, so far.

Jamjoom Pharma shares started trading on Tadawul today under the symbol 4015  and ISIN code SA15QGU1UNH6, at SAR 60.

Shares are traded with ±30% daily and ±10% static price fluctuation limits. From the fourth trading day onwards, the daily price fluctuation limits will revert to +/-10%, while the static price fluctuation limits will no longer apply.

The company offered 21 million shares, or 30% of its capital, at SAR 60 per share. 90% of offered shares were allocated to participating parties, while the remaining 10% were allocated to retail investors.

The retail coverage reached 11×, while the tranche of participating parties was 67.2× subscribed  (or 88× if key investors’ allocated shares are excluded).

A total of 170,500 retail investors submitted applications for shares worth about SAR 1.39 billion.

Each retail investor received a minimum of one share, while the remaining shares will be allocated pro-rata based on the demand size of every subscriber to total shares. The allotment ratio amounted to 0. .5146%.