Jahez, as the firm is known, will debut its shares on the Nomu parallel market.

The initial public offering of the food delivery company was Nomu’s biggest in 2021 and would mark the first ever listing of a local technology startup on the Kingdom’s stock exchange.

A bourse filing on Dec. 19, 2021, revealed that Jahez set its offering price at SR850 ($226) per share — the highest end of its indicative range.

The final offer price implied a market value of SR8.9 billion.

This followed the completion of the book-building process by HSBC Saudi Arabia, with its offering shares 38.8 times oversubscribed.

“The offering was met with strong interest from qualified institutional investors, which is a testament to the company’s financial and operational position, leading market position,” the company’s chief Ghassab Al Mandeel said in a bourse statement in December 2021.