Tamkeen issues prospectus to IPO 30% stake on TASI

Logo of Tamkeen Human Resource Co.

Tamkeen Human Resource Co. issued the prospectus for the initial public offering (IPO) of 7.95 million shares on the Main Market (TASI).

The company obtained, on Sept. 4, the approval of the Capital Market Authority (CMA) on the IPO. It also received, on June 30, conditional approval from the Saudi Exchange (Tadawul) on the offering.

For More IPOs

The IPO will run for two days between Nov. 5-6.

The offer shares represent 30% of the company’s 26.5 million share capital amounting to SAR 265 million, at a par value of SAR 10 apiece.

Qualified Subscribers

Participating parties: Those who are qualified to participate in the book building process, including investment funds, foreign companies and institutions, investors from GCC companies, and other foreign investors by virtue of swap agreements, to which 7.95 million shares (100% of total shares) will be allocated. In the event that retail investors fully subscribe to their allocated shares, the number of their allocated shares will be reduced to 6.36 million shares, or 80% of total offered shares.

Individual subscribers: Saudi nationals, residents in the Kingdom, nationals of GCC states, who have bank accounts at any of the receiving entities, to which 20%, or 1.59 million shares will be allocated.

The IPO proceeds will be distributed to selling shareholders on a pro-rata basis, after deducting the offering costs. The company will not recognize any of these proceeds.

Based in Saudi Arabia, Tamkeen specializes in workforce solutions in the Kingdom, providing a wide range of customized recruitment services to corporate and individual clients locally.

Established in 2018, Tamkeen has a market share of 4% as of FY 2022.

The company operates through a network of 17 Kingdom-wide branches, backed by a diversified group of employees, including more than 14,000 workers from eight different nationalities. Tamkeen offers its services to the corporate and retail segments, catering to their hourly and contractual needs.

In 2022, Tadawul-listed Dr. Sulaiman Al Habib Medical Services Group acquired a 25% stake in Tamkeen, according to Argaam’s data.

Company Profile
Company	Tamkeen Human Resources Co.
Market	TASI
Core Activities	Human resources, recruitment and lease of household workers
Capital	SAR 265 mln
Number of Shares	26.50 mln
Share Par Value	SAR 10

IPO Summary
Issue Percentage	30%
Number of Shares Offered	7.95 mln
Qualified Subscribers	Participating institutions and individuals
IPO Minimum Limit for Retail Investors	10 shares
IPO Minimum Limit for Institutional Investors	100,000 shares
Maximum Limit for Retail Investors	250,000 shares
IPO Maximum Limit for Institutional Investors	1.32 mln
Institutional Offer Period and Book Building	Oct. 13-17, 2024
Retail Offering	For two days, Nov. 5-6, 2024
Final Allocation	Nov. 11, 2024
Refund (if any)	Nov. 13, 2024

Additional Information
Financial Advisor, Book-Runner, and Underwriter	Saudi Fransi Capital
Receiving Banks	Saudi Fransi Capital, Al Rajhi Capital, SNB Capital, Riyad Capital, Albilad Capital, Aljazira Capital, Alistithmar Capital, Derayah Financial, Alinma Investment, ANB Capital, Yaqeen Capital, Alkhabeer Capital, SAB Invest, Sahm Capital

Major Shareholders
Shareholders	Before IPO		Post-IPO
Shareholders	Number of Shares (‘000 shares)	Ownership (%)	Number of Shares (‘000 shares)	Ownership (%)
Tasheel Real Estate Company	9043.13	34.13%	5634.56	21.26%
Dr. Sulaiman Al Habib Medical Services Group	6625.00	25.00%	4637.50	17.50%
Fares Saleh Alhanaki	2650.00	10.00%	2650.00	10.00%
Saleh Mohammed Saleh Al-Hajjaj	2650.00	10.00%	1523.75	5.75%
Abdulrahman Ali AlQabisi	1987.50	7.50%	1325.00	5.00%
Abdullah Sulaiman Alnagir*	993.75	3.75%	993.75	3.75%
Saleh Hamad Ali Albahiji	993.75	3.75%	695.63	2.63%
Abdullah Ahmed Sultan Alshahri	795.00	3.00%	556.50	2.10%
Saif Mohammed Alsharekh	496.88	1.87%	347.81	1.31%
Zeyad Mohammed Altunisi	265.00	1.00%	185.00	0.70%
Public	--	--	7950.00	30.00%
Total	26500.00	100%	26500.00	100%

*Abdullah Sulaiman Alnagir owns a 50% stake in Tasheel Real Estate Co. that, in turn, holds 34.13% direct ownership in the company. Accordingly, Alnagir indirectly owns nearly 4.52 million shares, or 17.06% of the company's pre-IPO capital.

Issue Prospectus

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Sulaiman Al Habib gets GAC nod to acquire 25% stake in Tamkeen Human Resource

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