Jamjoom Pharma Owners Seek up to $336 Million Saudi Arabia IPO - Bloomberg
The Riyadh initial public offering of generic drugmaker Jamjoom Pharmaceuticals Factory Co. got enough orders for all shares on offer within the first day of opening its books, a positive sign for what’s set to be the biggest listing in Saudi Arabia so far this year.
The owners of Jamjoom Pharma are seeking to raise as much as 1.26 billion riyals ($336 million) in the IPO, with the price range for 21 million shares set at 56 riyals to 60 riyals apiece, according to a statement on Monday.
The order books for the IPO are covered throughout the price range and demand exceeds the full deal size, according to terms seen by Bloomberg.
Jamjoom Pharma’s IPO will be the largest in the kingdom since Saudi Aramco Base Oil Co.’s $1.3 billion listing in December and will serve as a test of investor appetite for share sales. Its 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, data compiled by Bloomberg show.
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