Jamjoom Pharmaceuticals Factory Company announces intention to float on the Saudi Exchange’s main market

Jamjoom Pharmaceuticals Factory Company (“Jamjoom Pharma” or the “Company” or the “Issuer”), a leading pharmaceutical manufacturer and marketer in the Kingdom of Saudi Arabia (“KSA” or the “Kingdom”), and the Middle East and Africa (“MEA”) region, today announces its intention to proceed with an initial public offering (“IPO” or the “Offering”) and the listing of its ordinary shares (“Shares”) on the Main Market of the Saudi Exchange.

On 28 December 2022G, the Capital Market Authority (“CMA”) approved the Company’s application for the Offering of 21,000,000 shares (the “Offer Shares”), representing 30% of the Company’s issued share capital, by way of a sale of existing Shares by selling shareholders. The final offer price of the Offer Shares will be determined at the end of the book-building period, which will begin on 15th May 2023G until 22nd May 2023G.

Offering overview

• The Shares will be listed on the Saudi Exchange’s Main Market following the completion of the IPO and listing formalities with the CMA and the Saudi Exchange. 
• The IPO of Jamjoom Pharma consists of an offer of 21,000,000 ordinary shares, representing 30% of the Company’s issued share capital of 70,000,000 shares. 
• The Offer Shares will be offered for subscription to individual and institutional investors, including institutional investors outside the United States in “offshore transactions” in accordance with Regulation S under the US Securities Act of 1933, as amended (the “Securities Act”). 
• The number of Offer Shares to be initially allocated to Participating Parties is 21,000,000 Offer Shares representing 100% of the total Offer Shares. In the event that there is sufficient demand by Individual Investors, the number of shares initially allocated to Participating Parties will be reduced to 18,900,000 shares, representing 90% of the total Offer Shares. 
• The final Offer Price will be determined at the end of the book-building process.

Mahmoud Yousuf Salah Jamjoom, Chairman of Jamjoom Pharma, commented: “Over two decades, it all started with a dream of bringing global best practices to the local pharmaceutical manufacturing industry. Today, we continue to realize that vision, and have achieved the necessary building blocks to become a key player in certain specialties within the sector. Listing on the Saudi Exchange marks a steppingstone in establishing Jamjoom Pharma as a leader in the regional pharmaceutical industry.”

Tarek Hosni, CEO of Jamjoom Pharma, said: “The listing on the Saudi Exchange marks another important milestone in Jamjoom Pharma’s development journey. We are well positioned to realize our ambition of becoming a leading pharmaceutical manufacturing organization while providing customers with affordable, high-quality healthcare solutions across the Middle East and Africa region while continuing to aspire to extend our services to a broader international customer base. We remain dedicated to maximizing value creation for our stakeholders by exploring new avenues to channel evolution and to sustainable growth.”