Saudi food delivery startup Jahez plans to go public in 2021

Saudi food delivery startup Jahez plans to go public in 2021

Riyadh-based food delivery startup Jahez is planning an IPO for next year, its CEO Ghassab AlMandeel revealed in a fireside chat with Digital Digest's Racha Ghamlouch at RiseUp Summit on Saturday. Jahez CEO said this responding to a question about whether the startup could potentially consider partnering with Delivery Hero in the future or would like to stay independent. He stated that the Saudi market alone is too big for multiple players to co-exist.

Delivery Hero has been the biggest acquirer in the food delivery space of the Middle East, North Africa & Turkey. It currently owns multiple food delivery brands in the region, most of which were either directly acquired by the German company or became a part of it as a result of indirect acquisitions. It also owns a 63 percent majority stake in Saudi's leading food delivery company HungerStation.

Ghassab AlMandeel who started Jahez in 2016 and has quickly grown it to become one of the largest food delivery players in Saudi said that they plan to list the company on Tadawul (Saudi Stock Exchange). According to the requirements listed on Tadawul's website, a company has to have a market cap of at least SAR 300 million ($80 million)