PARIS, France - Jamjoom Pharma, one of the leading pharmaceutical companies in the Middle East, Africa and CIS regions, announced its plans to launch an initial public offering (IPO) on the Saudi Exchange (Tadwul) in the near future.
The company, which started operations in 2000, has a strong presence in various therapeutic categories such as dermatology, ophthalmology, cardiovascular, gastrointestinal, and cosmeceutical. It has state-of-the-art manufacturing facilities and dedicated research and development center in Jeddah, Saudi Arabia.
Jamjoom Pharma is ranked among the top five pharma companies in the Kingdom of Saudi Arabia (KSA) and has a market share of 3.5% (IQVIA). It has also expanded its operations to more than 40 countries across Africa and CIS regions, with a network of sales and distribution partners.
The company said that the IPO is part of its growth strategy and vision to become a global leader in healthcare and innovation. The proceeds from the IPO will be used to fund its expansion plans, enhance its product portfolio, invest in new technologies and increase its market penetration.
The company has not disclosed the details of the IPO, such as the number of shares, the price range or the valuation. However, it said that it has appointed financial advisors and legal consultants to prepare for the listing process.
Jamjoom Pharma plans to list on the Saudi Exchange's main market by selling 21 million of its existing shares, equivalent to 30% of its issued shared capital, the company said in a statement. JPMorgan Saudi Arabia and Saudi Fransi Capital are financial advisers for the IPO. They are joined as underwriters and bookrunners by AlRajhi Capital. Saudi Fransi is also a lead manager.
The final offer price of the Offer Shares will be determined at the end of the book-building period, which will begin on May 30 to June 1 and final shares allocation will be on June 7.
Jamjoom Pharma is expected to face strong competition from other local and international pharma companies in the KSA market, which is the largest and most attractive pharma market in the region. The KSA pharma market is projected to grow at a compound annual growth rate (CAGR) of 5.5% from 2020 to 2025, reaching $10.7 billion by 2025 (Frost & Sullivan).
The company said that it is confident of its competitive edge and differentiation in terms of its quality products, customer service, innovation and corporate social responsibility. It also said that it is committed to meeting the unmet medical needs of patients and improving their quality of life.
Mahmoud Yousuf Salah Jamjoom, Chairman of Jamjoom Pharma, commented: “Over two decades, it all started with a dream of bringing global best practices to the local pharmaceutical manufacturing industry. Today, we continue to realize that vision, and have achieved the necessary building blocks to become a key player in certain specialties within the sector. Listing on the Saudi Exchange marks a steppingstone in establishing Jamjoom Pharma as a leader in the regional pharmaceutical industry''.
Tarek Hosni, CEO Jamjoom Pharma, said: "The listing on the Saudi Exchange marks another important milestone in Jamjoom Pharma's development journey. We are proud of our achievements so far and look forward to sharing our success story with out prospective shareholders. We believe that out IPO will provide us with greater access to capital markets and enhance our brand recognition and reputation".
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