Jahez, a meal delivery firm located in Riyadh that competes with Hunger Station, is planning to float on a parallel Saudi stock exchange, making it the kingdom’s first public offering for a tech company.
First Saudi startup to go public
The Jahez International Company for Information System Technology is planning to sell 13% of its stock, including 8.5 percent of fresh stock. The company’s IPO coordinator and financial advisor is HSBC Holdings Plc’s local affiliate.
The Saudi Stock Exchange’s small-cap market, Nomu, will list Jahez, Saudi Arabia’s largest meal delivery firm, which is relaxing listing standards in order to enable small businesses and startups to generate value.
Jahez’s profit grew to 90 million riyals in the first nine months of the year, up from 39 million riyals in 2020. The gross value of products, including value added tax and levies, was 3.2 billion riyals in the first nine months of the year, up from 1.9 billion riyals in 2020.