After nearly a year of rumors, Saudi Arabia’s leading food delivery service Jahez was given approval by the Capital Market Authority to publicly list its shares on the Nomu-Parallel Market, the Tadawul’s secondary market. Jahez plans to sell 1.36m of its shares, equivalent to 13% of its market cap.
While no official date has been announced, the clock is ticking. Jahez only has a six-month window from the granting of its approval to list its shares. Because the listing will be made on the secondary market, the offering is limited to qualified investors who are responsible for conducting their own due diligence.
why it matters
Jahez is a shining example of a MENA company that’s leveraged technology to disrupt and dominate its industry. Jahez was launched in 2015 and has since grown to serve over 3 million customers, processing more than 20 million orders annually in 21 cities across Saudi Arabia.