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Saudi Arabia’s Jamjoom Fashion Trading Company, the parent company behind brands such as Nayomi and Mihyar, has set the final offer price at 145 Saudi riyals ($38.65) per share ahead of its IPO on the kingdom’s parallel market Nomu.
The top of range price implies a market capitalisation SAR 1.152 million ($307 million) at listing, with proceeds approximating SAR 346 million ($92 million).
In August, the apparel and fashion group announced its intention to float 2,384,340 shares, representing 30% of its capital, at a price range of SAR 140 to 145 per share.
The offering generated an orderbook of SAR 1.557 million, with a 4.50 times oversubscription.
Jamjoom Fashion is 100% owned by the Saudi-based Kamal Osman Jamjoom Trading Company.
EFG Hermes KSA has been appointed as financial advisor and lead manager on the IPO.
Al Rajhi Capital, SNB Capital Company, Saudi Fransi Capital, Riyad Capital, Al Bilad Investment, Al Jazira Capital, Investment Securities and Brokerage Company, Derayah Financial, Alinma Capital, Arab National Bank Financial, Yaqeen Capital, Alkhabeer Capital, Al-Awwal Investment (SAB Invest), Saham Capital Financial Company, GIB Capital, EFG Hermes KSA, Musharaka Capital, and Awaed Alosool Capital are acting as Receiving Agents for Qualified Investors.
A trading date has yet to be announced.
(Writing by Bindu Rai, editing by Brinda Darasha)
