Saudi Arabia's Jamjoom Pharma plans IPO on Saudi Exchange | Reuters
Saudi Arabia's Jamjoom Pharmaceuticals Factory Company intends to go ahead with a planned initial public offering on the Saudi Exchange, the company said on Thursday.
Jamjoom Pharma plans to list on the Saudi Exchange's main market by selling 21 million of its existing shares, equivalent to 30% of its issued shared capital, the company said in a statement.
JPMorgan Saudi Arabia and Saudi Fransi Capital are financial advisers for the IPO. They are joined as underwriters and bookrunners by AlRajhi Capital. Saudi Fransi Capital is also lead manager.
The Middle East was a bright spot for stock market listings last year and has been so far this year, with flotations from Abu Dhabi's ADNOC Gas (ADNOCGAS.AD), Oman oil driller Abraj Energy (ABRJ.OM) and the UAE's Al Ansari Financial Services.
Companies from the region raised $21.9 billion through IPOs in 2022, more than half the total for the wider Europe, Middle East and Africa region, Dealogic data shows.
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