Saudi fashion brand Jamjoom is next to launch IPO

Owner of Nayomi, Mihyar brands, Jamjoom IPO will only be for qualified investors

Last updated: August 24, 2025 | 09:42

Manoj Nair, Business Editor

2 MIN READ

The Jamjoom IPO will be listed on the Saudi parallel market Nomu.

Dubai: Another Saudi IPO is on the way, with Jamjoom Fashion Trading Company confirming it will list shares on the Saudi parallel market Nomu. The company has multiple fashion-focused brands in its portfolio, including the intimate apparel label Nayomi and menswear-focussed Mihyar.

Jamjoom will offer 2.38 million shares that make up 30% of the Company’s share capital.

The price range will be announced September 1, and subscriptions will be open from that date to September 4. Final offer price will be confirmed September 9.

Nomu is the Saudi parallel market and allows businesses to list with lower regulatory requirements than on the main Tadawul.

Also Read: flynas: Saudi budget airline gets off stormy start on Tadawul debut

The offer will only be open to qualified investors. The Company is 100% owned by Kamal Osman Jamjoom Trading Company.

Jamjoom in the nine months to end June had net profit after Zakat of SR94.3 million on revenues of SR540.4 million. Both revenues and profit are up from the comparable period in 2024. The retailer, which operates more than 200 stores, has its financial year ending September.

“From single store, we have transformed into a multi-brand, dynamic apparel and lifestyle group," said Kamal Osman Jamjoom, founder and Chairman of the retailer.

The retailer's net margins have 'steadily increased' - from 11.4% for the financial year ended September 2023 to 13.4% a year later. It finished the nine months to June 2025 at 17.5%.

Growth chances

To boost its IPO chances, Jamjoom points to Saudi Arabia's young population (with a median age in 2023 of 30.5), the increasing female workforce participation, and growing demand for fashion and beauty products.

"In parallel, government-backed diversification initiatives are expanding retail infrastructure and reinforcing consumer demand and the prevailing 'mall culture'," the retailer adds.

"Similarly, recent government dress code policies for public employees and educators further support the sustained demand for traditional clothing.

"As a result, womenswear and menswear Saudi market are expected to grow at a CAGR of 3.3% and 4%, between 2023 and 2029. This trend is more pronounced among the 18-34 years demographic, as the per capita womenswear spending for this category is expected to grow at a CAGR of 4.4% during the same period."

The menswear market is expected to experience CAGR of 4% between 2023 and 2029.

Manoj NairBusiness Editor

Manoj Nair, the Gulf News Business Editor, is an expert on property and gold in the UAE and wider region, and these days he is also keeping an eye on stocks as well. Manoj cares a lot for luxury brands and what make them tick, as well as keep close watch on whatever changes the retail industry goes through, whether on the grand scale or incremental. He’s been with Gulf News for 30 years, having started as a Business Reporter. When not into financial journalism, Manoj prefers to see as much of 1950s-1980s Bollywood movies. He reckons the combo is as exciting as it gets, though many will vehemently disagree.