Saudi Food Delivery Startup Jahez Announces IPO Plans

Riyadh-based food delivery firm Jahez, which competes with firms like Hunger Station, is preparing to list on the parallel market of the Saudi stock exchange in what will be the kingdom’s first initial public offering of a technology startup.

Jahez International Company for Information Systems Technology, as the company is formally known, is preparing to list a 13% stake, or 1.36 million shares, it said in a statement Wednesday. That includes the sale of a 8.5% stake of new shares. In May, the firm hired HSBC Holdings Plc’s local unit as the sole financial adviser and global coordinator for its IPO.