Saudi food delivery firm Jahez eyes IPO of up to $2.4bn – ArabianBusiness.com

Saudi food delivery firm Jahez eyes IPO of up to $2.4bn – ArabianBusiness.com

Saudi food delivery firm Jahez, which competes with companies like Delivery Hero’s Hungerstation, is targeting a valuation as high as $2.4 billion in an initial public offering that would vault it to the ranks of the biggest start-ups in the Middle East.

Jahez International Company for Information Systems Technology, as the four-year-old firm is formally known, set the price range for the offering later this month at between SR750-850, according to a statement on Thursday.

The company, which hired HSBC Holdings’ local unit to manage the share sale in May, also agreed to sell a 4.99 percent stake to Hassana, the kingdom’s pension fund that oversees more than $250 billion in assets, as a cornerstone investor in the IPO.