Saudi pharmaceutical manufacturer Jamjoom Pharmaceuticals Factory Company (Jamjoom Pharma) announced the successful completion of the book-building process for participating entities and the final offer price for the Company’s initial public offering (IPO) that could raise as much as 1.26 billion riyals ($336 million).
On 11 May 2023, the company entered into a binding undertaking with each of Saudi Economic and Development Holding Company (SEDCO) and Al Faisaliah Group Holding Company (together referred to as the “Cornerstone Investors”), through which the Cornerstone Investors have committed to subscribe for, in the aggregate, 5,166,666 shares at the Offer Price, representing 24.6% of the Offer Shares.
Read more: Jamjoom Pharma sets IPO price range: Aiming to raise $336 mn
The final offer price for the offering has been set at SAR 60 per share, implying a market capitalization of SAR 4.2 billion (41.12 billion) at the listing. The recorded orders during the institutional book-building stood at around SAR 84.6 billion (422.6 billion), representing an oversubscription rate of 67.2 times (88.8 times excluding the shares that were allocated to Cornerstone Investors).
The retail subscription period will last for three days, commencing on Tuesday, 30 May 2023, and ending on Thursday, 01 June 2023.
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