Tamkeen sets final offer price at SAR 50/shr

Logo of Tamkeen Human Resource Co.

Tamkeen Human Resources Co. completed the book-building process for the institutional tranche of its initial public offering (IPO) on the Main Market (TASI), setting the final offer price at SAR 50 per share — the upper limit of the price range.

The price range had previously been set between SAR 46 and SAR 50 per share.

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The institutional book-building process attracted orders totaling SAR 55 billion from a diverse group of investors, achieving subscription coverage of approximately 138.2x.

Tamkeen earlier floated 7.95 million shares on TASI, representing 30% of its SAR 265 million capital, divided into 26.5 million shares, at a nominal value of SAR 10 each, according to Argaam’s data.

As many as 7.95 million shares, or 100% of the offering, were allocated to participating categories for starters. If demand from individual subscribers proves sufficient, the amount will be reduced to 6.36 million shares, or 80% of the total offering.

A maximum of 1.59 million shares, representing 20% of the total offering, will be allocated to individual subscribers. The retail subscription is scheduled to run between Nov. 5-6.