Saudi-based food delivery platform Jahez International Co., which competes with companies like Delivery Hero’s Hungerstation, 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.
According to the company, the final offer price has been set at 850 riyals ($226.48) per share, implying a market value of 8.9 billion riyals. Jahez aims to sell just over 2 million shares to raise about 1.8 billion Saudi riyals.
The subscription period for individual investors tranche is set to take place from Dec. 23 until 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,” Ghassab Al Mandeel, Jahez' CEO.
