DUBAI - Saudi Arabia's Jamjoom Pharmaceuticals Factory Company intends to go ahead with a planned initial public offering on the Saudi Exchange, the company said on Thursday.

Jamjoom Pharma plans to list on the Saudi Exchange's main market by selling 21 million of its existing shares, equivalent to 30% of its issued shared capital, the company said in a statement.

JPMorgan Saudi Arabia and Saudi Fransi Capital are financial advisers for the IPO. They are joined as underwriters and bookrunners by AlRajhi Capital. Saudi Fransi Capital is also lead manager.

The Middle East was a bright spot for stock market listings last year and has been so far this year, with flotations from Abu Dhabi's ADNOC Gas, Oman oil driller Abraj Energy and the UAE's Al Ansari Financial Services.

Companies from the region raised $21.9 billion through IPOs in 2022, more than half the total for the wider Europe, Middle East and Africa region, Dealogic data shows.

Several other Saudi companies are planning IPOs, including Morabaha Marina Financing Company, a non-bank finance institution that said on Monday it intends to offer 30% of its shared capital in an IPO on the Saudi Exchange.

Sources told Reuters last month that auto rental firm Lumi hired banks to arrange a sale of 30% of its shares in an IPO, while the country's Capital Markets Authority approved First Milling Company's application for an IPO.

The CMA approved Jamjoom's application for an IPO in December.

The company made net income of 171 million riyals ($45.60 million) last year, it said.

Institutional bookbuilding will start on May 15, when the price range will also be announced, and end on May 22. The retail subscription period will run from May 30 to June 1 and final shares allocation will be on June 7.

($1 = 3.7498 riyals)

(Reporting by Yousef Saba; Editing by Stephen Coates)