Monday 9 December 2024
 
»
 
»
Story

Saudi HR solutions firm Tamkeen sets final offer price for IPO

RIYADH, 28 days ago

Tamkeen Human Resources Company, one of Saudi Arabia’s premier providers of innovative human resources solutions, has set the final offer price at SAR50 ($13.3) per share following the successful completion of the individual investor offering period and final allotment of shares in relation to its initial public offering (IPO).
 
The individual investor offering, which took place from November 5 to 6, saw the shares being oversubscribed by 138.2 times, said Tamkeen in a statement. 
 
The number of shares allocated to individual investors stood at 1.59 million offer shares, representing 20% of the total stake on offer. 
 
The offering saw 389,012 individual investors place orders totaling SAR1.147 billion ($305 million), reflecting a subscription coverage of 14.43 times for this tranche.
 
The company allocated a minimum of 4 shares to each individual investor, with the remaining shares allocated on a pro-rata basis, based on the size of demand, with an average allocation factor of 0.159%. 
 
Shares were distributed in descending order, starting with the highest demand, until all shares were fully allocated.
 
According to Tamkeen, the total size of the IPO stood at SAR397.5 million ($105.7 million). 
 
Following the IPO, 30% of Tamkeen’s shares are expected to be freely floated on the Main Market of the Saudi Exchange (Tadawul).
 
The company’s shares will be listed and traded on the Saudi Exchange following the completion of the Offering and all listing formalities with the CMA and Saudi Exchange, it added.-TradeArabia News Service



Tags:

More Education, HR & Training Stories

calendarCalendar of Events

Ads