Saudi-based Jamjoom Pharmaceuticals IPO, the biggest so far this year, was oversubscribed 11 times raising a total of SR1.39 billion ($370 million).

 

The retail subscription process, consisting of a maximum of 2,100,000 shares representing 10% of the total offer shares, had commenced on May 30, 2023 and ended on June 1, 2023 and witnessed the participation by 170,524 investors, a release said. 

 

Individual investors will receive a minimum of 4 shares each, while the remaining shares will be allocated on a pro-rata basis for the remaining demand with an average allocation factor of 0.5146%.

 

Final offer price

The final offer price of the offering has been set at SR60 per share, implying a market capitalisation of SR4.2 billion ($1.12 billion) at listing. 

 

This follows the successful completion of the book-building process, which resulted in an institutional order book that was over-subscribed 67.2 times (88.8 times excluding the shares that were allocated to Cornerstone Investors – the Saudi Economic and Development Holding Company (SEDCO) and Al Faisaliah Group Holding Company). 

 

Based on the results of the retail subscription period, the shares allocated to the participating parties will be reduced to 18,900,000 offer shares, representing 90% of the total offering.-- TradeArabia News Service