Jamjoom Pharma Owners Seek up to $336 Million Saudi Arabia IPO - Bloomberg
The owners of Jamjoom Pharmaceuticals Factory Co. are seeking to raise as much as 1.26 billion riyals ($336 million) in its Riyadh initial public offering, which is set to be the biggest listing in the kingdom so far this year.
The Jamjoom family are offering 21 million shares in the drugmaker at 56 riyals to 60 riyals apiece, according to a statement on Monday. The price range implies a valuation of as much as 4.2 billion riyals for Jamjoom Pharma.
Saudi Economic & Development Holding Co. and Al Faisaliah Group have agreed to subscribe for 24.6% of the offering as cornerstone investors.
Jamjoom Pharma’s IPO will be the largest in Saudi Arabia since Saudi Aramco Base Oil Co.’s $1.3 billion listing in December, data compiled by Bloomberg show.
The kingdom’s IPO market has been subdued so far this year, with just $72 million raised in the slowest start since 2014, a far cry from the $4 billion seen by this point last year.
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