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Delivery Hero’s Saudi Rival Jahez Prices IPO at Top of Range

  • Jahez set to sell 2 million shares and raise $480 million
  • Offer draws heavy demand, is 38.8 times oversubscribed

Saudi food delivery firm Jahez, which competes with companies like Delivery Hero’s Hungerstation, is set to be one of the middle east’s most valuable public technology firms after pricing its initial public offering at the top end of a planned range.

The final offer price has been set at 850 riyals ($226.48) per share, implying a market value of 8.9 billion riyals, the company said on Sunday. Jahez International Company for Information Systems Technology, as the firm is formally known, plans to sell just over 2 million shares to raise about 1.8 billion riyals.