Tharwah commences trading on Tadawul’s Nomu market

Following months of preparation, Saudi human capital consultancy Tharwah has made its long-awaited debut on the Nomu-Parallel market.

In what was the 16th listing on Nomu this year, trading of the Tharwah share commenced on August 27, under the symbol 9606. The stock has daily and static price fluctuation limits of ±30% and ±10%, respectively, the Saudi Exchange revealed in a statement on the day of listing.

Established in 2012, Tharwah specialises in human capital consulting and development. The firm has served over 350 clients since its inception, providing over 80.000 hours of advisory expertise and training close to 10.000 staff across KSA’s public sector.

In a bid to accelerate its growth path, Tharwah earlier this year filed a request for an IPO on the Nomu-Parallel market. In June, the Capital Market Authority (CMA) approved the move to go public, with Tharwah set to float 15% of its shares. The consulting company held its offering period between 4 and 11 August, concluding the process with an oversubscription of 107%.

Interest in Tharwah was high on the back of the strong growth potential of the HR consulting market in Saudi Arabia, and Tharwah’s above-market average growth trajectory.

Recognised as a leading HR consulting firm in the Middle East, Tharwah expects to hit high double-digit growth this year. Contributing to this goal, Tharwah this month added two new framework agreements with separate government entities to its portfolio, with a total contract value of SAR 17 million. Both engagements extend for 36 months and focus on the provision of training and development services to the employees.

Abdullah ALZahrani, CEO and Founder of Tharwah, said the listing marks a major milestone in the company’s development. The consulting firm will use the IPO funds (around SR50 million) to support further growth in Saudi Arabia, expand internationally into the Gulf region (new offices in the UAE and Egypt), and invest in offerings and solutions to meet best-in-class global standards.

Launched in 2017, Nomu is Tadawul’s parallel equity market, serving as an alternative platform for Saudi companies to be publicly listed. Tharwah’s listing brought the total number of companies listed on Nomu to 94.