Jahez Targets Over $2 Billion Valuation in Upcoming IPO

Jahez Targets Over $2 Billion Valuation in Upcoming IPO

Jahez International Co. for Information Systems Technology, a leading Saudi online food delivery platform, plans to collect up to $428 million from IPO, a filing showed. The startup will be the first tech startup in Saudi to IPO. The Saudi company set the price range for its initial public offering on Nomu Parallel Market between SR750 and SR850 per share. Jahez offered 1.89 million shares representing 18 percent of its capital after the offering. 

HSBC Saudi Arabia is the financial advisor, lead book-runner, lead manager, and stabilization 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.

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