Riyadh - Mubasher: Jamjoom Fashion Trading Company plans to proceed with its initial public offering (IPO) to trade 2.38 million ordinary shares on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul).

The company intends to float 30% of its share capital after completing the necessary approvals with the Capital Market Authority (CMA) and Tadawul, according to a press release.

It is worth noting that the company is wholly owned by Kamal Osman Jamjoom Trading Company (KOJ Trading), which will sell part of its stake in the transaction.

Kamal Osman Jamjoom, Founder and Chairman of Jamjoom Fashion, commented: “The launch of the IPO is a crucial step in our journey so far. It gives investors an opportunity to participate in a customer-focused industry that is unlike any other in our region, and one that has the potential to grow thanks to supportive government policies, macroeconomic conditions, and demographic trends.”

“The listing will give Jamjoom Fashion the enhanced profile, governance, and transparency to power our next phase of growth through accelerating brand creation and entering new markets, with the aim of generating sustainable long-term value for all stakeholders,” he added

In the 12-month period that ended on 30 September 2024, Jamjoom Fashion posted SAR 81.90 million in net profits after Zakat and income tax, an annual hike from SAR 64.6 million.

The company appointed EFG Hermes KSA as financial advisor and lead manager for the IPO.

Receiving agents include Al Rajhi Capital, SNB Capital Company, Saudi Fransi Capital, Riyad Capital, Al Bilad Investment, Al Jazira Capital, Investment Securities and Brokerage Company, Derayah Financial, Alinma Capital, Arab National Bank Financial, and Yaqeen Capital.

Alkhabeer Capital, Al-Awwal Investment (SAB Invest), Saham Capital Financial Company, GIB Capital, EFG Hermes KSA, Musharaka Capital, and Awaed Alosool Capital also participated in the offering.