Jamjoom Fashion’s Nomu IPO 4.5x oversubscribed; final offer price set at SAR 145

The company said in a statement obtained by Argaam that the final price was set at the upper limit of the offering price range of SAR 140–145.

At that price, Jamjoom Fashion will list with a market capitalization of SAR 1.152 billion ($307 million), while the offering raised about SAR 346 million ($92 million).

The IPO attracted an order book of SAR 1.55 billion. Allocation of shares was determined by the financial adviser in consultation with the company under the book-building process.

Refunds of excess subscriptions will be processed by Sept. 11 without fees or deductions from the lead manager or receiving banks.

Qualified investors subscribed between Sept. 1 and Sept. 4 to 2.38 million shares, representing 30% of the company’s pre-IPO capital of SAR 79.48 million, divided into 7.94 million ordinary shares with a nominal value of SAR 10 each.

Founded in 2023 as a Saudi joint stock company, Jamjoom Fashion develops and manages fashion brands. It currently owns Nayomi and Mihyar.

By the end of its fiscal year on Sept. 30, 2024, the company operated about 215 stores, with average revenue per outlet of SAR 2.73 million.