Saudi Arabia’s Biggest IPO of Year Jamjoom Pharma Prices at Top of Range - Bloomberg
The Riyadh initial public offering of generic drugmaker Jamjoom Pharmaceuticals Factory Co. will raise 1.26 billion riyals ($336 million) after shares were priced at the top of a marketed range, ending a drought in listings in Saudi Arabia.
The owners of Jamjoom Pharma are selling 21 million shares in the IPO. They priced them at 60 riyals each, the top of a range that started at 56 riyals, according to a statement on May 25. Jamjoom Pharma will take orders from retail investors from May 30 to June 1, while a listing date will be determined later.
Jamjoom Pharma’s IPO is set to be the largest in the kingdom since Saudi Aramco Base Oil Co.’s $1.3 billion listing in December and is serving as a gauge of investor appetite as the IPO market in Saudi Arabia slowly comes back to life.
Before Jamjoom, just $72 million had been raised through Saudi IPOs in the slowest start since 2014, data compiled by Bloomberg show, a fraction of the almost $4 billion seen this time last year. Potential Saudi issuers have been cautious in 2023 after a rush of listings last year, with some of those underperforming on their first day of trading.
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