Jamjoom Pharma to debut on Tadawul today

Logo of Jamjoom Pharma

Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) will start trading on the Saudi Exchange (Tadawul) today, June 20, under the symbol 4015 and ISIN Code SA15QGU1UNH6.

The stock will have daily and static price fluctuation limits of ±30% and ±10%, respectively. These fluctuation limits will be applied during the first three days of listing. From the fourth trading day onwards, the daily price fluctuation limits will revert to ±10% and the static price fluctuation limit will no longer apply.

Jamjoom Pharma will be the second company to debut on Tadawul this year, after the listing of Al Mawarid Manpower Co. and Alinma Hospitality REIT Fund.

Last year, the main market witnessed 17 IPOs, namely, Elm Co., East Pipes Integrated Company for Industry, Scientific & Medical Equipment House Co., Al-Dawaa Medical Services Co., Nahdi Medical Co., Al Masane Al Kobra Mining Co., Saudi Home Loans Co., Retal Urban Development Co., Alamar Foods, Naqi Water Co., Arabian Drilling Co., Power and Utility Company for Jubail and Yanbu (MARAFIQ), Perfect Presentation for Commercial Services Co. (2P), Americana Restaurants International Plc (Americana Restaurants), Riyadh Cables Group Co., AlSaif Stores for Development & Investment Co. (Alsaif Gallery) and Saudi Aramco Base Oil Co. (Luberef).

Jamjoom Pharma listing will bring the total number of Tadawul-listed companies to 208, excluding 18 REITs.

The company offered 21 million shares, or 30% of its capital, at SAR 60 per share. It allocated 90% of shares to participating parties, while the remaining 10% was allocated to retail investors.

The retail tranche was 11x covered, while the tranche of participating parties was 67.2x subscribed (88.8x excluding shares allocated to major investors).

A total of 170,500 retail investors submitted applications for shares worth about SAR 1.39 billion.

Each retail investor received a minimum of four shares, while the remaining shares will be allocated pro rata, based on the demand size of every subscriber to total shares. The allotment ratio amounted to 0.5146%.

Company Profile

Jamjoom Pharma was established in 1994 in Jeddah, and witnessed several developments until it transformed into a closed-joint stock company in 2013, with SAR 100 million in capital.

In 2022, the company's general meeting approved increasing capital from SAR 100 million to SAR 700 million.

Jamjoom Pharma specializes in developing, manufacturing, and marketing a wide range of generic pharmaceuticals under high-quality brands.

The company markets its products in 36 countries in the Middle East, Africa, and the Commonwealth of Independent States.

Based in Saudi Arabia, Jamjoom Pharma focuses on Saudi Arabia, Egypt, Iraq, GCC, and North Africa.

The pharmaceutical producer owns direct and indirect stakes in three subsidiaries in Egypt, and a subsidiary in Turkey.