Riyadh – Mubasher: Jamjoom Pharmaceuticals Factory Company (Jamjoom Pharma) announced the final price for its initial public offering (IPO) on the Saudi Exchange (Tadawul) at SAR 60 per share.

This implies a market capitalisation of SAR 4.20 billion, equivalent to $1.12 billion, at listing.

Jamjoom Pharma announced on 25 May the successful completion of the book-building process for participating entities, which attracted orders worth about SAR 84.60 billion, equivalent to $22.60 billion, according to a press release.

The company noted that the orders value represented “an oversubscription rate of 67.20 times (88.80 times excluding the shares that were allocated to Cornerstone Investors [SEDCO and Al Faisaliah).”

Meanwhile, the retail subscription period will last for three days starting from 30 May until 1 June 2023.

In December 2022, the Capital Market Authority (CMA) approved Jamjoom Pharma’s IPO to trade on Tadawul by listing 21 million shares.

Earlier in May, the pharmaceutical 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.

SEDCO and Al Faisaliah committed to subscribe for approximately 5.16 million shares at the offer price, representing 24.60% of the offer shares.