Saudi Arabia’s Jamjoom Pharma to sell 30 percent stake in local share sale

Saudi Arabia’s Jamjoom Pharma said it plans to sell a 30 percent stake through a domestic initial public offering.

The Jeddah-based company, which sells products across the Middle East, Africa and central Asia, will offer 21 million shares in a book-building process from May 15 to May 22, it said in a statement on Thursday.

The final offer price will be determined after that, and it will list on the Saudi stock exchange.

JPMorgan Chase & Co. and Saudi Fransi Capital are the financial advisors for the listing, it said, confirming an earlier Bloomberg report. The banks and Al Rajhi Capital are also underwriters on the deal.

IPOs in the Middle East were booming last year, underpinned by high crude prices and strong investor demand.

The region has stood out as a bright spot globally as other regions have seen volumes plummet over concerns of high inflation and poorly performing stock markets.

Jamjoom had 917 million riyals ($244 million) in revenue in 2022 and earnings before interest, taxes, depreciation and amortization of 260 million riyals, 21 percent higher than the previous year, it said in the statement.

The company launched commercial operations in Saudi Arabia in 2000 and has products across eight therapeutic areas including ophthalmology, dermatology, gastrointestinal, cardiovascular, general medicine and central nervous system.