The initial public offering (IPO) of “Tamkeen Human Resources” was covered within the first hour of opening subscriptions for institutions on Sunday, seeing strong demand from investors.
High Hopes for the Offering
Tamkeen hopes to raise SAR 398 million (USD 106 million) by listing 30% of its capital in the main market “TASI,” which is SAR 265 million, selling 7.95 million shares.
It has set the price range for its offering between 46 and 50 Riyals per share.
The subscription period for institutional investors ends on October 17, while the retail subscription period will last for two days starting November 5.
A maximum of 1.59 million shares, representing 20% of the total offering shares, will be allocated to retail subscribers.
The net proceeds from the offering will be distributed to the selling shareholders, and “Tamkeen” will not receive any part of the proceeds.
So what
Founded in 2018, “Tamkeen” offers a wide range of employment services tailored to a diverse range of clientele across the Kingdom.
It quickly became a “key player” in the workforce sector, holding a 4% market share as of the 2022 fiscal year. It is among the top five HR companies operating in the Saudi market.
Dr. Sulaiman Al Habib Medical Services Group acquired a 25% stake in the company in 2022.
Some context
Tamkeen’s IPO is the latest in a series of stock offerings that investors are covering quickly, indicating that activity in the Saudi market will continue until the end of 2024.
Equity offerings in Saudi Arabia have raised over USD 15 billion during 2024 thanks in part to the sale of secondary shares of “Aramco.” Aramco’s offering was one of the largest deals of its kind this year.
Shares of the oil giant were sold within hours, similar to the IPO of the medical group “Fakeeh Care Group” this year, valued at USD 763 million.
