TAM goes public following successful IPO

14 June 2023 Consultancy-me.com 2 min. read

TAM has hit a major milestone in its 10-year history, having today made its debut on Tadawul’s Nomu-Parallel Market.

This morning, TAM – a Riyadh-based digital solutions and management consulting company – rang the opening bell of the Saudi Stock Exchange (Tadawul) to celebrate its IPO listing on the Nomu-Parallel Market.

“We are proud to have reached this defining moment in TAM’s history,” stated the firm’s leadership team at the opening. “With this accomplishment, we embark on a new and promising chapter of growth and success in our journey, driven by dedication, confidence, and hope.”

Saudi consultancy TAM goes public following successful IPO

Established and homegrown in Saudi Arabia, TAM supports the delivery of Vision 2030 reforms within the kingdom’s public sector. The consulting firm has delivered more than 150 national projects across 20+ public domains in areas such as strategic development, policy innovation, public engagement, and digital solutions. TAM has also trained 10,000 Saudi nationals and managed SAR100 million in government grants.

TAM listed 16 per cent of its share capital on the Nomu-Parallel Market, as part of its ambition to embark on its next chapter of growth. TAM currently has more than 200 employees and expert contractors, with its leadership team including numerous high-profile executives.

TAM received clearance for its IPO in January this year, and held a 1-week subscription period for its shares between 21 and 25 May. TAM trades under the name ‘TAM Development Company’ with the symbol 9570.

TAM’s CEO and founder, Abdullah Youssef

Commenting on the historic moment for the firm, TAM’s CEO and founder, Abdullah Youssef said: “This remarkable milestone we have achieved serves as a testament to our team’s excellence and inspire our pride and admiration.”

“We would like to express our sincere appreciation to our esteemed partners, including Saudi Tadawul Group, Monshaat, Yaqeen Capital, and Dur Capital, for their invaluable support in achieving TAM’s growth objectives,” he added.