White & Case advises on Jamjoom Pharmaceuticals Factory Company IPO

Press Release
1 min read

Global law firm White & Case LLP and The Law Office of Megren M. Al-Shaalan have advised Saudi Fransi Capital and J.P. Morgan Saudi Arabia Company as joint financial advisors, joint bookrunners and joint underwriters, Saudi Fransi Capital as lead manager and AlRajhi Capital Company as joint bookrunner and joint underwriter on the initial public offering (IPO) of Jamjoom Pharmaceuticals Factory Company (Jamjoom).

The Jamjoom IPO is the largest on the Saudi Stock Exchange in 2023 to date, with the total value of the offering amounting to SAR 1.26 million (approximately US$336 million) and a market capitalization for Jamjoom of SAR 4.2 billion (approximately US$1.12 billion).

Founded in 2005 but with a history stretching back to the 1960s, Saudi Arabian Jamjoom is based in Jeddah and focuses on research and development in the pharmaceuticals and biotechnology sectors. It is a key strategic supplier to the Kingdom's public healthcare system and one of its leading manufacturers of generic pharmaceutical products, and also operates in other Middle East markets.

The White & Case team which advised on the transaction was co-led by partner Sami Al-Louzi (Dubai) and local partner Ibrahim Soumrany (Dubai) and included associates Andrew Scott (London) and Cassy Raby (Dubai). The Law Office of Megren M. Al-Shaalan team in Riyadh included associates Jad Slim, Nawaaf Alawaad and Raghad AlShunaiber.

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