Search by Popular Categories


  • Consumer

  • Commercial

  • Construction

  • Industrial

  • Oil & Gas

  • DIAMOND SPONSOR

CONSUMER NEWS

Saudi pharma group Jamjoom eyes $1.12bn from IPO

May 25, 2023 8:16 PM

Saudi-based Jamjoom Pharmaceuticals Factory Company today (May 25) announced the successful completion of the book-building process for participating entities and also set the final offer price for its...

Saudi-based Jamjoom Pharmaceuticals Factory Company today (May 25) announced the successful completion of the book-building process for participating entities and also set the final offer price for its initial public offering (IPO) on the Saudi bourse Tadawul at SR60 per share, thus implying a market capitalisation of SR4.2 billion ($1.12 billion) at listing.
 
A leading pharmaceutical manufacturer and marketer in the region, Jamjoom Pharma said it had entered into a binding agreement on May 11 with the 'cornerstone investors' - Saudi Economic and Development Holding Company (Sedco) and Al Faisaliah Group Holding Company.
 
As per the deal, the cornerstone investors have committed to subscribe for, in aggregate, 5,166,666 shares at the offer price, representing 24.6% of the offer shares.
 
The recorded orders during the institutional book-building stood at around SR84.6 billion ($22.6 billion), representing an oversubscription rate of 67.2 times (88.8 times excluding the shares that were allocated to cornerstone investors). 
 
The retail subscription period will last for three days, starting from May 30 and ending on June 1, said the statement from the Saudi pharma group.
 
Jamjoom set the price range for the Saudi Exchange IPO at between SR56 and SR60 a share, implying a valuation of between SR3.9 and SR4.2 billion, it said in a statement.
 
The company will offer 21 million shares, or 30% of its issued share capital, by selling existing shareholders' shares.
 
Saudi Fransi Capital is lead manager and is joined by JPMorgan as financial adviser. AlRajhi Capital joins is an underwriter and bookrunner.
 
Elaboarting on ist IPO journey, the Saudi pharma group said the process began last year with the nod from Capital Market Authority (CMA)  on December 28.
 
The go-ahead was given to the company to offer 21 million shares, representing 30% of the company’s issued share capital of 70 million shares, by way of a sale of existing shares by selling shareholders. 
 
For the key Offering, Jamjoom Pharma has appointed Saudi Fransi Capital as the Lead Manager, while JPMorgan is the financial adviser and AlRajhi Capital an underwriter and bookrunner. 
 
Top Saudi banks AlRajhi, Banque Saudi Fransi and Saudi National Bank (SNB) have been appointed as receiving entities for the individual investors’ tranche.

Premium Partners - consumer

CONSUMER NEWS

Ecolab helps save 47.9 billion litres of drinking water in IMEA Mar 28, 2024 13:34 PM

Ecolab a global sustainability leader offering water solutions and...

Mansard Riyadh names marketing and communications head Mar 28, 2024 12:41 PM

Mansard Riyadh a Radisson Collection Hotel said it has promoted...

Hyundai, RSG to drive eco-friendly mobility in KSA luxury resorts Mar 26, 2024 11:55 AM

Hyundai Motor Group and Red Sea Global (RSG) have agreed to collaborate...

King Abdulaziz International Airport in Jeddah tops in performance Mar 25, 2024 11:29 AM

King Abdulaziz International Airport in Jeddah secured the top spot...

Low-cost-carriers driving growth in Saudi Arabia, says report Mar 21, 2024 20:07 PM

The General Authority of Civil Aviation (GACA) has announced outstanding...

TaiMed and AcedrA partner to commercialise Trogarzo Mar 20, 2024 12:12 PM

Taimed Biologics a publicly held Taiwanese biotechnology company...