Jamjoom Pharma sets IPO price range between 56-60/share

Logo of Jamjoom Pharma

Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) set the IPO price range between SAR 56-60 a share, lead manager on the offering, Saudi Fransi Capital, said in a statement to Tadawul.

The statement also included JP Morgan Saudi Arabia and Saudi Fransi Capital as the financial advisors, as well as JP Morgan Saudi Arabia, Saudi Fransi Capital and Al Rajhi Capital as the book-runners and underwriters.

The total market value of Jamjoom Pharma ranges between SAR 3.9-4.2 billion, while the total value of the offer shares ranges between SAR 1.17-1.26 billion.  

The book-building for the participating parties will run through May 15-22, 2023.  

The company plans to float 21 million shares, or 30% of the capital reaching SAR 700 million.  

The shares will be offered to the categories that are entitled to participate in the book-building process as per the instructions of the book-building and allocation of shares in IPOs as issued by the Capital Market Authority, including the qualified foreign investors outside the US as per Regulation S issued under the US Securities.  

The company entered into a binding agreement with Saudi Economic and Development Holding Company (SEDCO) and Al Faisaliah Group Holding Co., under which both cornerstone investors are committed to subscribe to 5.17 million shares at the offer price, which represents 24.6% of the total offer shares, or 7.4% of the company's capital.  

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