TAM opens IPO subscription on Tadawul's Nomu-Parallel Market

21 May 2023 Consultancy-me.com 1 min. read

Saudi consulting firm TAM has opened the subscription period for its upcoming initial public offering (IPO), in preparation for its June 14 listing on the Nomu-Parallel Market.

Recently marking its 10th year of operations, TAM is a Riyadh-based digital solutions and management consultancy company that supports the delivery of Vision 2030 reforms within the public sector.

Since its inception, TAM has delivered more than 150 national projects across 20+ public domains in areas such as strategic development, policy innovation, public engagement, and digital solutions. The firm has also trained 10,000 Saudi nationals and managed SAR100 million in government grants.

Tadawul’s Nomu-Parallel Market

In January this year, TAM received approval from the Saudi Capital Markets Authority (CMA) to list its shares on Tadawul’s Nomu-Parallel Market. TAM will list 16 per cent of its share capital.

The move is part of TAM’s ambitious plans to grow its operations in the kingdom. The firm currently has more than 200 employees and expert contractors, with its leadership team including high-profile executives such as Omar Aljeraisy (chairman of TAM) and Abdulla Elyas (board member at TAM and co-founder of Careem).

TAM’s CEO and founder, Abdullah Youssef said: “We are seeing growth double annually as the Vision 2030 reforms expand, and partnerships with government entities increase. We proudly open the subscription period for our shares and look forward to progressing this IPO in the weeks ahead.”

The subscription period will run for five days until May 25 for qualified investors only, and the final allocation of the offer shares will take place on May 30. The price range has been set between SAR100 and SAR130 per share.

Previous reporting by Bloomberg suggested that TAM’s roadshow is shaping up nicely, with the firm billed as “an attractive prospect” on the back of its differentiated homegrown offering and close ties with high-ranked Saudi officials.