CMA green lights Jahez International 13% stake sale on Nomu

Logo of Jahez International Company for Information and Technology

The Capital Market Authority (CMA) approved a request by Jahez International Company for Information and Technology to sell 1.36 million shares, or 13% of its share capital, in an initial public offering (IPO) on Nomu Parallel Market.

The offering will be limited to qualified investors, who should conduct their own due diligence on the information disclosed in the company’s prospectus, the market regulator said in a statement today, Sept. 29.

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.

In May, Jahez appointed HSBC Saudi Arabia as a financial advisor and global coordinator for its potential IPO, Argaam reported.

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, the total number of orders made through the Jahez platform reached around 20 million.

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