Saudi Arabia’s Jamjoom Pharmaceuticals Factory Company has announced its intention to proceed with its scheduled initial public offering (IPO) on the Saudi Exchange. It is preparing to list on the main market of the Saudi Exchange by offering 21 million of its existing shares, which represents approximately 30% of its total issued share capital.
Jamjoom’s application for the IPO was approved in December, 2022. It is set to become the largest in the Kingdom of Saudi Arabia since the listing of Saudi Aramco Base Oil Co., which raised $1.3 billion in December.
The institutional bookbuilding phase for Jamjoom IPO will commence on May 15, during which the price range will be disclosed. This phase will conclude on May 22. Following that, the retail subscription period will take place from May 30 to June 1. The final allocation of shares will be determined on June 7. The financial advisors for the IPO are JP Morgan and Saudi Fransi Capital.
Several other companies like First Milling Co., Morabaha Marina Financing Company, Auto rental firm- Lumi are also planning IPOs.
About Jamjoom pharma:
Established in 2000, Jamjoom Pharmaceuticals is known to be one of the top-rated companies in its sector, serving markets across thirty countries of Africa, Asia and the Middle East. It is headquartered in Jeddah and is one of the fastest growing firms in the world.
It has given a strategic weightage to therapeutic sectors. Presently, its medicines are available in the categories of ophthalmology, dermatology, cardiovascular, gastrointestinal, general medicine, CNS, Oncology and Nutraceuticals.
The pharma giant is also known to support Al-Basar International foundation in order to curb or control issues of visual impairment. With its support, glaucoma detection programmes were conducted in countries like Algeria, Egypt, Iraq and Morocco.
Leadership:
Mr. Tarek Hosni, the CEO of Jamjoom has over 25 years of experience in the pharma sector. Earlier, he had worked with GSK, Integrated Pharma Solutions and Pfizer Essential Health. He steers a vessel of more than 1300 people and managed to report revenues of $250 Million in 2021.
Awards:
It received the 2020 KSA Company of the Year Award from Frost & Sullivan. The award recognized the company’s operational excellence, expanded product portfolio, and increased geographical footprint. In 2020, Mr. Noor Sheriff, the managing director of the company also received the award of “manager of the year” from the Europe Business Assembly.
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