Jamjoom Pharma sets IPO final price at SAR 60/share

Logo of Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma)

Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) set the final price of its initial public offering (IPO) at SAR 60 a share, after successfully completing the book-building process, the company said in a statement to Tadawul.

This is the highest in the price range set by the company for the share offering, which was between SAR 56-60.

The recorded orders during the institutional book-building stood at around SAR 84.6 billion ($22.6 billion), being 67.2x oversubscribed — or 88.8x excluding shares allocated to cornerstone investors.

Jamjoom Pharma entered into a binding agreement, on May 11, with Saudi Economic and Development Co. (SEDCO) and Al Faisaliah Group Co., under which both cornerstone investors are committed to subscribe to 5.16 million shares at the offer price. This represented 24.6% of the total offer shares, or 7.4% of the company's capital.  

The company decided to float 21 million shares, or 30% of the capital reaching SAR 700 million, according to Argaam's data.

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

Subscription by retail investors will run from May 30 to June 1, 2023.

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