Jamjoom Fashion Sets IPO Price Range, To Raise Maximum of $92mln

Jamjoom Fashion Trading Company has set the price range for its initial public offering (IPO) between 140 and 145 Saudi riyals per share ($37.31- 38.64). 

 The offering size stands between SAR 334 million ($89 million) and SAR 346 million ($92 million), implying a total market capitalisation at listing between SAR 1.11 billion and SAR 1.15 billion. 

The offering period starts today, September 1, and will end on September 4.

The IPO consists of 2.38 million shares, representing 30% of the company’s issued share capital. The shares will be listed on the Nomu-Parallel Market.

The offering will be made through the sale of a portion of Kamal Osman Jamjoom Trading Company, which owns 100% of the company. Following the IPO, the selling shareholder will retain a 70% stake.

The shares will be offered only to qualified investors, with a minimum purchase of 10 shares and a maximum of 396,595 shares.

The last day to receive subscription applications and pay the subscription amount is September 4. The final allocation for the shares will be announced on September 9.

The company appointed EFG Hermes KSA as financial advisor and lead manager.

Trading of the company’s shares is expected to commence once all relevant regulatory requirements have been met.