First Saudi Tech Startup That Could Go Public Picks HSBC for IPO By Bloomberg – Investing.com
- Date: 17-May-2021
- Source: Investing.com
- Sector:Technology
- Country:Saudi Arabia
First Saudi Tech Startup That Could Go Public Picks HSBC for IPO By Bloomberg – Investing.com
(Bloomberg) -- Saudi food delivery firm Jahez has hired HSBC Holdings (NYSE:) Plc’s local unit to help manage what could be the first listing by a tech startup in the kingdom.
Jahez International Company for Information Technology picked HSBC Saudi Arabia as the sole financial adviser and global coordinator for its potential IPO on Nomu, the Saudi stock exchange’s secondary market, which imposes lighter listing requirements to encourage smaller businesses and startups to raise equity.
Founded in 2016, the homegrown firm serves around 2 million customers in the kingdom, and processed about 20 million restaurant orders through its app in 2020, it said on Monday, without disclosing details about its potential valuation. It closed a $36.5 million funding round last year.
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