Jamjoom Pharma in relation to its SAR 1,260mln IPO on Tadawul

Jamjoom Pharma in relation to its SAR 1,260mln IPO on Tadawul

Riyadh, Kingdom of Saudi Arabia: Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited have acted as legal counsel to Jamjoom Pharmaceuticals Factory Company (“Jamjoom Pharma” or the “Company”) in relation to its SAR 1,260 million (USD 336 million) initial public offering on the Saudi Stock Exchange (Tadawul), with trading in its shares commencing today. Jamjoom Pharma has its roots in the various business enterprises of the Jamjoom family, which entered the Saudi pharmaceutical market in the 1960s. The Company is one of the leading manufacturers of generic pharmaceutical products in Saudi Arabia and operates in different markets within the MEA region. The offering comprised the sale by selling shareholders of 21 million shares or 30% of the issued share capital of the Company, and was extended to domestic and international investors. Based on its IPO offer price of SAR 60 per share, the Company has an implied market capitalization of SAR 4.2 billion (USD 1.12 billion), making the offering Saudi Arabia's largest IPO so far this year. The offering received extremely strong institutional support, demonstrated by the unique participation of two cornerstone investors, namely the Saudi Economic and Development Holding Company (SEDCO) and Al Faisaliah