Saudi HR company to raise $106m from listing

Tamkeen Human Resources Company is expected to raise between SAR365.7 million and SAR397.5 million ($97-$106 million) from its initial public offering on the Saudi stock exchange.

The company set its IPO price range between SAR46 and SAR50 per share on Sunday as the institutional book-building period commenced.

The final price will be determined on October 17.

The IPO consists of 7.95 million shares, representing 30 percent of the company’s share capital.  

The retail tranche will run from November 5 and 6, with the final allocation taking place on November 11.

While the listing date was not disclosed, the shares will begin trading following the completion of the regulatory formalities.

Tamkeen has 17 branches nationwide and a market share of 4 percent as of 2022, according to the company’s website. Its revenue grew at a compound annual growth rate of 17.6 percent between 2021 and 2023.

It has served more than 1 million homes across the kingdom and has 36 partnerships with global recruitment agencies.

The company will not receive any part of the IPO proceeds, which will be distributed to the selling shareholders.