Jamjoom Pharmaceuticals Factory Company (Jamjoom Pharma) confirmed Thursday it would go ahead with its planned initial public offering (IPO) on the Saudi bourse more than four months after it received regulatory approval on its share offering.
The IPO The Jeddah-headquartered pharmaceutical firm will float 30%, or 21 million shares, of its issued share capital, which currently stands at 70 million shares, Jamjoom Pharma said in a statement.
The company said the book-building process will be between May 15 and 22, after which it will determine the final offer price of the IPO.
The kingdom’s Capital Market Authority (CMA) approved the share offering on December 28, 2022, stipulating a six-month period for the company to float the issue.
According to the company, the share offering will also be open for subscription to institutional investors outside the US, marked as “offshore transactions.”
Jamjoom Pharma will be listed on Saudi Exchange’s Main Market after completing the IPO.
CMA also approved the listing application of Riyadh-based Al Watania for Industries to offer 24 million shares, equivalent to 30% of the company’s share capital. Meanwhile, Lumi Rental Company received regulatory nod in March to sell 30% of its stake. Watania and Lumi have yet to announce further details on their planned listings.
Saudi Arabia’s First Mills Company also plans to list 30%, or 16.65 million shares, of its share capital on the Saudi Exchange, and Al Mawarid Manpower Company is looking at offering 4.5 million shares.
In the UAE and Oman, the IPOs of energy giant ADNOC’s marine and logistics subsidiary and OQ Gas Network are reportedly expected in the coming months on their respective local bourses.
