Tamkeen Human Resources Company aims to raise $106m in IPO

Dubai: Saudi Arabia’s Tamkeen Human Resources Company aims to raise between $97 million (Dh356 million) and $106 million (Dh389 million) through its initial public offering (IPO) on the Saudi stock exchange.

On Sunday, the company announced its IPO price range, set between $12.25 (Dh44.99) and $13.32 (Dh48.92) per share, as the institutional book-building period began.

The final price will be established on October 17. The IPO will offer 7.95 million shares, accounting for 30 per cent of the company’s total share capital. The retail offering is scheduled for November 5 and 6, with final allocations to be made on November 11.
While the exact listing date has not been revealed, trading will commence after completing the necessary regulatory processes. As of 2022, Tamkeen operates 17 branches nationwide and holds a 4 per cent market share. The company experienced a compound annual growth rate in revenue of 17.6 per cent from 2021 to 2023. The company will not benefit from the IPO proceeds, which will go entirely to the selling shareholders.