RIYADH: Saudi online food delivery platform Jahez International Co.’s initial public offering subscription starts tomorrow, Dec. 23, in what would be considered this year’s biggest IPO on the parallel market Nomu.

The IPO that will run through Dec. 26, 2021 will help the company raise SR1.6 billion ($427 million).

Jahez, as it’s known, is offering the highest price per share among Saudi IPOs year-to-date.

On Dec. 19, Jahez announced its offering price at SR850 ($226) per share – the highest end of its indicative range, according to a bourse filing.

As many as 272,786 shares representing nearly 14.4 percent of the total offering will be offered during the subscription period.

This followed the completion of the book-building process by HSBC Saudi Arabia, with its offering shares 38.8 times oversubscribed.

“The offering was met with strong interest from qualified institutional investors, which is a testament to the company’s financial and operational position, leading market position,” said the company’s chief Ghassab Al Mandeel in a bourse statement on Dec. 19, 2021.