Saudi fashion brand Jamjoom sets IPO range at SR140 to SR145

Dubai: The Saudi retail group Jamjoom Fashion Trading Company has set the IPO price range at SR140 to SR145 a share in a float that is open only to institutional investors. The float is will see the company sell 30%.

This sets up an offer size of between SR334 million and SR346 million, for a market capitalization of SR1.11 billion and SR1.15 billion (on listing day. The offer is open from today until September 4.

The shares of Jamjoom - which owns the lingerie brand Nayomi and menswear label Mihyar - are to be floated on the Saudi parallel market Nomu.

In all, Jamjoom is giving up 2.38 million shares, representing 30% of the issued share capital.

The final allocation for the offer shares will be announced by September 9, and the surplus refunded within two business days from the allocation date. The surplus will be refunded no later than September 11.

The Saudi stock market is having another solid run when it comes to IPOs. But what makes Jamjoom's interesting is that this one goes directly to Nomu, which has slightly more flexible options when it comes to listing requirements.