Saudi delivery app plans to raise nearly $428 Million in IPO

Jahez International Co. for Information Systems Technology, a leading Saudi online food delivery platform, plans to collect up to SR1.6 billion ($428 million), a filing showed. 

The company, also known as Jahez, set the price range for its initial public offering on Nomu Parallel Market between SR750 and SR850 per share.

The company offered 1.89 million shares representing 18 percent of its capital after the offering.

HSBC Saudi Arabia is the financial advisor, lead bookrunner, lead manager, and stabilisation manager for the listing.

The minimum number of shares for participating entities is set at 7,500, while the maximum number is 524,590.

The final offer price will be set after the completion of the book building process, which will run for qualified investors from Dec. 9 to Dec. 13, the statement said.

In case individual qualified investors subscribe to the shares allocated for them, the lead bookrunner shall have the right to reduce the number of offer shares allocated to institutional qualified investors to 1.62 million shares – as a minimum – representing 85.6 percent of the total number of offer shares.