On June 20, 2023, Jamjoom Pharmaceuticals Factory (Jamjoom Pharma) debuted on the Saudi exchange, selling 21 million shares, or 30% of its issued share capital. With an offer price of $16, on the first day of trading the company’s share price rose by 30%, closing the day at $20.8. As of July 17, the stock was trading at $33.9, making the offering the Saudi exchange’s largest IPO so far this year and one of its most successful debuts ever. It was an understandably proud moment for Tarek Hosni, CEO of Jamjoom Pharma. The company was valued at $2.4 billion as of July 19.
When Jamjoom Pharma applied for the IPO in February 2022, the Saudi Markets were booming. In April 2022, the Tadawul All Share Index (TASI) was above 13,700 points, more than doubling in the two years since March 2020. However, between the application and approval of the IPO in December 2022, the Saudi markets reversed sharply, with the TASI falling to just under 10,100 points. The market then trended sideways over the following three months as the world faced a war in Europe, high inflation, and fears of a global recession.
This story is from the August 2023 edition of Forbes Middle East - English.
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This story is from the August 2023 edition of Forbes Middle East - English.
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