Jahez, a Riyadh-based food delivery startup, has confirmed that it is planning for an IPO in 2021. The confirmation came from none other but the company’s CEO Ghassab Al Mandeel during a fireside chat at the RieUp Summit last weekend.
AlMandeel made that remark in response to a question asking him about a possible tie-up with German food delivery giant Delivery Hero. The Jahez CEO took the opportunity to explain that the Saudi market is big enough to accommodate multiple competing partners.
Launched in 2016, Jahez quickly grew to capture a large chunk of Saudi’s burgeoning food delivery market. In fact, the growth has been substantial enough for the company to now gear up to enlist itself on the Tadawul stock exchange.
Based on existing guidelines, a company can apply to be listed on Tadawul only if it has a market cap of $80 million or more. Additionally, it should also have a solid track record when it comes to performance and profitability.
AlMandeel also brushed upon the company’s expansion roadmap by acknowledging that Jahez is currently aiming to build a formidable presence in multiple Arab markets, some of which could materialize in 2021. Apart from that, the startup is working on to roll out its homegrown cloud kitchen and quick commerce platforms.
If Jahez actually moves ahead with IPO plan with any success, it will become the first Saudi startup to evolve into a publicly listed company.