HSBC Saudi Arabia announces end of price stabilization period on Jahez shares

Logo of Jahez International Company for Information Systems Technology

HSBC Saudi Arabia, as the stabilizing manager on the initial public offering (IPO) of Jahez International Company for Information Systems Technology, announced the end of the price stabilization period.

According to a bourse statement, since no stabilization transactions were undertaken during the stabilization period, following the exercise of the over-allotment option, the total offering size will be 2.09 million ordinary shares, representing a total offering amount of SAR 1.8 billion.

For clarification, 204,590 shares subject to the over-allotment option were allocated to investors during the book-building process. Accordingly the stabilizing manager will not hold any shares in the issuer as a result of exercise of the over-allotment option.

In December 2021, HSBC Saudi Arabia announced the possibility of price stabilization transactions on Jahez shares, Argaam earlier reported.

On Jan. 5, Jahez began trading on Nomu Parallel Market, after 1.89 million shares, or 18% of its capital, were floated at SAR 850 a share.

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