Leejam debuts on Tadawul today

Leejam Sports Co. will start trading today, Sept. 10 under the code 1830, with a daily price fluctuation limit of 10 percent per share.

Leejam is the market’s first listing this year, bringing the total number of listed firms to 173, excluding the 15 real estate investment traded funds (REITs).

The fitness center operator floated 30 percent of its capital, or 15.72 million shares at SAR 52 each in an initial public offering (IPO) on Tadawul, Argaam earlier reported.

The IPO was 245 percent oversubscribed with a minimum of ten shares allotted to each subscriber.

The firm, which owns the “Fitness Time” brand, operated 108 fitness centers in Saudi and other four the United Arab Emirates by the end of 2017.

The company increased its fitness centers network over the past ten years to 112 existing centers, with 31 fitness under development as of Dec. 31, 2017.

The number of members grew over the last years to 210,000 subscribers, increasing the firm’s market share to 27 percent of the Kingdom’s fitness market.

*Only existing centers

Leejam Sport Co.’s assets stood at SAR 1.5 billion by the end of 2017, compared to SAR 1.36 billion a year earlier.

Hamad Ali Al Sagri is Leejam’s largest shareholder, owning a 60.5 percent stake in the firm.