Riyadh – Mubasher: The final initial public offering (IPO) price of Jahez International Company for Information Systems Technology has been set at SAR 850 per share, implying a market capitalisation of SAR 8.9 billion ($2.4 billion) on the listing date, HSBC Saudi Arabia announced on Sunday.
The offering was oversubscribed by 38.8 times, according to HSBC Saudi Arabia, which acts as the IPO financial advisor, lead bookrunner, lead manager, and stabilization manager, along with AlRajhi Capital, Saudi Fransi Capital, and Derayah Financial as joint bookrunners.
The total IPO size is SAR 1.8 billion, representing SAR 1.6 billion without the over-allotment shares. The book-building process for the institutional subscription tranche has been completed, generating an order book exceeding SAR 69 billion.
The individual tranche subscription process will take place during 23-26 December, where a maximum of 272,786 shares will be allocated.
CEO of Jahez, Ghassab Al Mandeel, said: “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 in terms of market share, and growth strategy focused on our four verticals.”
The IPO price range for Jahez was set between SAR 750 and SAR 850 per share earlier this month.
Jahez announced its intention to proceed with the IPO at the beginning of December after it had obtained the Capital Market Authority’s (CMA) approval in September.
In May, the group reportedly appointed the local unit of HSBC Holdings to be the sole financial advisor and global coordinator for its IPO.
