Jahez Becomes First Saudi Tech Startup to List on Public Exchange
The food delivery specialist has announced an IPO with a market cap of $2.4 billion.
Food delivery platform, Jahez, has announced an IPO with a market cap of $2.4 billion, becoming the first Saudi tech startups to list on a public exchange, as trading of its shares begins on Saudi Exchange’s Parallel Market.
Launched in 2016 by Ghassab Al-Mandil, Jahez is credited by many for being one of the leading forces in the disruption in the Kingdom's food delivery services. At the start of last year, the startup claimed to have more than 12,000 merchant branches, 1.3 million active users, and 34,000 delivery partners - numbers that have increased since then.
As well as becoming the first Saudi tech startup to list on a public exchange, Jahez is also only the second tech startup in MENA to list on a local public exchange, after Egyptian fintech, Fawry, listed on Egyptian Exchange in 2019.