RIYADH: Saudi online food delivery platform Jahez International Co., announced its initial public offering price on parallel market Nomu at SR850 ($226) per share – the highest end of its indicative range, according to a bourse filing.
This followed the completion of the book-building process by HSBC Saudi Arabia, which included 38.8 times oversubscription of shares.
The subscription period for individual investors tranche will run from Dec. 23 through Dec. 26, 2021, offering as many as 272,786 shares representing 14.4 percent of the total offering.
“The offering was met with strong interest from qualified institutional investors, which is a testament to the company’s financial and operational position, leading market position,” said the company’s chief Ghassab Al Mandeel in a bourse statement.
Saudi food delivery app Jahez plans to collect up to $428m from IPO