Joining the ranks of the largest startups in the Middle East

Jahez, a Saudi food delivery company that competes with Delivery Hero Hungerstation, is looking to raise $ 2.4 billion in an initial public offering, putting it among the Middle East’s most valuable companies.

The Series A funding round was $ 36 million.

Jahez International has established a price range for the sale of 740 to 850 rials at the end of the month, according to a statement released on Thursday.

In May, the business recruited a local affiliate of HSBC Holdings Plc to handle the IPO, and Hassana, the kingdom’s pension fund with more than $ 250 billion in assets, agreed to sell 4.99 percent of Hassana as a cornerstone investor.

The goal is a huge step forward for the firm, which last year raised $ 36 million in a Series A fundraising round. This was due in part to a shift in eating patterns during the epidemic. In 2020, the gross value of products will have nearly quadrupled to 1.4 billion riyals, up from 497 million last year.

Saudi Arabia’s first billion-dollar IT firm was STC pay, the digital payments arm of mobile operator Saudi Telecom Co. In a fundraising arrangement with Western Union last year, the company was valued at $ 1.3 billion.

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