It was announced by Jahez International Company for Information Technology (Jahez) that the arrangement of HSBC Saudi Arabia as the Sole Financial Advisor and Global Coordinator for its possible first sale of stock (IPO) on the Saudi Exchange’s Nomu – Parallel Market. Jahez is a local Saudi business that uses troublesome innovation to interface around 2M clients with its foundation’s organization that incorporates 13k cafés and 45k deliveries in 47 urban areas across Saudi Arabia. The exchange is liable to economic situations and receipt of all appropriate administrative endorsements. The organization experienced gigantic development since its dispatch back in 2016 and caught a critical piece of the pie to turn into the main and lead platform in the Kingdom. In 2020 alone, the absolute number of requests made through the Jahez stage stretched around 20 million.
Ghassab Al Mandeel, Chief Executive Officer at Jahez International Company, commented: “We aspire to become the most loved platform with the largest presence in the Middle East, and we seek to achieve this goal through a relentless passion for our business and commitment to customers and success partners. It is this passion and commitment that has fueled our exponential growth since our founding in 2016. We have delivered over 45 million orders across the kingdom in less than five years and achieved healthy profitability in 2020.”
“We will continue to expand our platform to tap into new growth opportunities offered by rapid, technology-enabled changes in consumer behavior, both in Saudi Arabia and in the wider region. Since convenience has become a prevalent feature of our society, and to benefit from the accumulated technical and human expertise, we launched new business lines, including a quick commerce platform (PiK) and a last-mile logistics platform (LOGI). We also expanded into cloud kitchens through the acquisition of CoKitchens. The creation of these new ventures will help ensure that we remain agile and continue to meet the needs of existing and new customers in the future, taking advantage of greater scale and strong network effects,” added Al Mandeel.
Over the most recent three years, the online delivery market has developed dramatically, growing at a CAGR of over half. Positive market elements, including the improving Saudi economy and the subsequent ascent in work and extra cash, are required to prompt higher spending on F&B and online business, further upheld by Vision 2030 change programs. Moreover, the smartphone uses in the Kingdom is among the most elevated around the world, yet the selection of online delivery has slacked when contrasted with different nations, introducing a huge development opportunity. Other Middle Eastern business sectors are additionally ready for additional development sooner rather than later.
The exchange would be the primary IPO of a Saudi local innovation fire-up on the Saudi Exchange. It additionally upholds Saudi Arabia’s Vision 2030 plan, which intends to animate the development of the private area, draw in unfamiliar ventures and enhance the economy. In accordance with the targets of the Financial Sector Development Program, the Saudi Exchange and Capital Market Authority have over the previous years advocated changes to advance a broadened and progressed capital market, establishing an ideal climate for Saudi SMEs to get to extra subsidizing, expanding their GDP commitment and animating their development.