Riyadh: Saudi Arabia’s Tamkeen Human Resource Company has announced its decision to proceed with an initial public offering (IPO) and to trade on the local stock exchange.
The move represents a significant milestone for the firm, marking its commitment to expanding operations and enhancing its market presence. The company plans to offer 7,950,000 ordinary shares, amounting to 30 per cent of its total share capital, as confirmed by its lead manager and underwriter, Saudi Fransi Capital.
Established in 2018 and headquartered in Riyadh, Tamkeen specializes in providing staffing solutions to a diverse clientele, ranging from businesses to individual customers.
With its current market share of four per cent in the local staffing sector and a manpower pool exceeding 14,000, the company has positioned itself as a competitive player in a growing industry.
The recent approval from the Capital Market Authority (CMA) for the share offering underscores the regulatory confidence in Tamkeen’s business model and future prospects.
This IPO is emblematic of a broader trend within Saudi Arabia, where an increasing number of firms are opting to go public, thereby contributing to the nation’s economic diversification efforts. By entering the stock market, Tamkeen aims not only to raise capital for further expansion but also to enhance its visibility and credibility in the market.
As the company navigates its public offering, stakeholders will be keenly observing its strategic initiatives and potential impact on the human resources sector in the Kingdom.
