Riyadh, Saudi Arabia — Jamjoom Pharmaceuticals Factory (Jamjoom Pharma) will start trading on the Saudi Exchange (Tadawul) on June 20, under the symbol 4015 and ISIN Code SA15QGU1UNH6.
The company said the daily fluctuation limit is +/- 30% and static price fluctuation limit is +/-10%, Jamjoom said in a statement to Tadawul on Sunday.
These fluctuation limits will apply during the first three days of listing, and from the fourth trading day onwards, the daily price fluctuation limits will revert to +/- 10% and the static price fluctuation limits will no longer apply.
Jamjoom Pharma’s IPO was launched on May 25, 2023 and it set the price at SAR 60 per share.
The company offered 21 million shares, representing 30 percent of its share capital.
The IPO was also the largest in Saudi Arabia since Saudi Aramco Base Oil Co.’s IPO in December 2022.
The retail offering was 11x covered, with a minimum of four shares allocated per retail subscriber. The remaining shares will be allocated on a pro-rata basis at 0.5146%, based on the demand size of every subscriber to total shares. Institutional subscription was 67.2x covered
The proceeds from the IPO will be used to fund Jamjoom Pharma’s growth plans, including expanding its manufacturing capacity, investing in research and development, and expanding its sales and marketing efforts.
