An initial public offering (IPO) for 30% of Saudi-based fitness operator Leejam Sports has been approved by the Capital Market Authority (CMA), revealed Samba Capital & Investment Management Company, which will act as its financial advisor, bookrunner, lead manager and sole underwriter.
Leejam’s application offers about 15,715,009 shares to the public.
The firm, which owns the “Fitness Time” brand, operates 112 fitness centers in the region, mainly in Saudi and the UAE. Its first Fitness Time center opened in the kingdom in 2005.
“Our journey began more than 10 years ago when the Company embarked on implementing its vision of bringing fitness to the Saudi society and helping people in adopting a healthy and an active lifestyle. The IPO is a transformative moment for Leejam as we continue to build upon our position as the leading fitness company in the region,” said Abdulmohsin Al Haqbani, Vice Chairman of the Board of Directors and Managing Director of Leejam.
He added that the firm’s vision is in line with the of the Saudi government’s Vision 2030 to promote health and fitness within society.
Al Haqbani also referred to the company’s aim to grow its female fitness centers, 14 of which operate in the kingdom.
“With the start of the licensing for female fitness centers in 2017 by the General Sports Authority, Leejam has developed and is implementing a comprehensive strategy of achieving market leadership position in the female fitness segment, similar to the male segment,” he said.
Leejam will be the first fitness company to be listed in Saudi and the GCC.
The IPO prospectus will be available on the websites of CMA (www.cma.org.sa), Leejam (www.leejam.com.sa) and Samba Capital (www.sambacapital.com).
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