RIYADH: Saudi-based online food delivery platform Jahez International Co. jumped more than 10 percent on its stock market debut today.
The share price of the food company reached SR940 ($250) at closing bell, having traded between an intraday low of SR850, and an intraday high of SR947.
Over 434,200 shares changed hands during the session.
Jahez’s listing marked the first-ever of a local technology startup on the Kingdom’s parallel market Nomu, according to a statement by the newly listed firm.
On this milestone, the CEO of Jahez, Ghassab Al Mandeel, noted the company’s intention to speed up its strategy of “focusing on four verticals, best practice corporate governance standards, and leverage supportive market dynamics.”
This is “to provide the best customer experience while delivering value for our esteemed shareholders,” he added.
The IPO of Jahez which commenced last December was Nomu’s biggest in 2021.
