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Saudi Jahez to offer part of its shares for public subscription


Jahez International Company for Information Systems Technology intends to proceed with an initial public offering and listing of its ordinary shares on the Saudi Exchange’s Parallel Market (Nomu).

HSBC Saudi Arabia, in its capacity as a financial advisor, lead book manager, lead manager, and price stabilization manager for the initial public offering, said that Jahez intends to offer part of its shares.

Jahez clarified that the offering will include the sale of existing shares and the issuance of new shares, which constitutes 13% of the group’s capital.

The group obtained the approval of the Saudi Tadawul to request the listing of its shares in Nomu on the 9th of last August.

It also obtained the approval of the Capital Market Authority on its request to offer about 1.364 million ordinary shares, representing 13% of the group’s capital, for public subscription on September 29, 2021.

The final offer price will be determined for all subscribers after the end of the book building period.

In addition, up to 15% of the offering shares will be allocated as an additional allocation to implement the price stability mechanism.

The number of the offering shares that will be initially allocated to qualified non-individual investors is 1.364 million shares, representing 100% of the total offering shares, provided that the final allotment is after the end of the individual qualified investors’ subscription period.

Subscription record reducing the number of shares allocated to qualified non-individual investors to about 1.091 million offered shares as a minimum, representing 80% of the total offering shares.

A maximum of 272.79 thousand offer shares will be allocated, representing 20% ​​of the total offer shares to qualified individual investors.

In a related context, the trading of the shares of the Saudi Group Five Pipes Company was listed on Nomu.

In a previous statement, Tadawul stated that the shares will have daily price fluctuation limits, with the highest limit of 30% rising and the lowest 30% decreasing, with the application of fixed limits for price fluctuation at 10% up and down.

Al-Dakhil Financial Group was, in its capacity as the financial advisor for the initial public offering of Group Five Saudi Pipes Company, in the parallel market.

The group announced the completion of the offering of 2.8 million ordinary shares, representing 10% of the company’s capital, at a price of 35 riyals per share.


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