Home GCC Saudi Arabia Saudi’s TAM Development opens IPO subscription on Nomu-Parallel Market The price range has been set between SAR100 and SAR130 per share, with 85,600 shares on offer representing 16 per cent of company’s share capital by Neesha Salian May 22, 2023 Saudi Arabia’s TAM Development Co opened the subscription for its initial public offering (IPO) on the Nomu-Parallel Market on May 21. The price range has been set between SAR100 and SAR130 per share. 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 book-building process for qualified investors will be led by Yaqeen Capital, and 16 per cent of the total issued share capital of TAM (equivalent to a total of 585,600 shares) will be made available under the IPO, which was approved by the Capital Market Authority (CMA) on December 29, 2022. TAM Development Co: Performance highlights TAM Development Co is a Saudi company offering a unique model that integrates digital solutions and advisory services, partnering with its clients to lead public impact. TAM delivers effective, efficient, and sustainable services by leveraging the latest technologies. Its in-house and extended partners are equipped to design digital solutions that complement its advisory practice. TAM Development Co has witnessed strong growth for more than 10 years under the leadership of Abdullah A Yousef, founder and CEO. It has evolved from a digital solutions company to one that incorporates advisory services. The company has delivered more than 150 national projects and served more than 20 sectors in Saudi Arabia and in the region. TAM Development Co has more than 200 employees and expert contractors, and calls some of the leaders in their fields as board members, including Omar Aljeraisy, chairman of TAM, angel investor, author and board member of several successful Saudi enterprises, such as Thmanyah, a leading podcast platform and documentary producer, and Dr Abdulla Elyas, co-founder of Careem, a successful ride-hailing business that was acquired by Uber Technologies. in 2019. Other Saudi IPOs In other news, earlier this month, Saudi Arabia’s Jamjoom Pharmaceuticals Factory Company said it plans to sell a 30 per cent stake through an initial public offering (IPO) on the Saudi Exchange’s main market. Jamjoom Pharma secured approval from the Saudi Capital Market Authority to offer 21,000,000 shares, representing 30 per cent of the company’s issued share capital, in December 2022. The pharmaceuticals company said institutional book-building started on May 15, when the price range will also be announced, and end on May 22. The retail subscription period will run from May 30 to June 1 and final shares allocation will be on June 7. Saudi Arabia’s Morabaha Marina Financing Company has also started taking investor orders for its initial public offering (IPO) as the financing firm aims to raise as much as $83.4m (SAR312.9m). Morabaha Financing is offering 21,428,572 shares, equivalent to 30 per cent of the company’s paid-up capital and the company set the price range for its offering at SAR 13 to SAR 14.6 per share. Tags IPO Saudi Arabia Tam Development Technology 0 Comments You might also like Ahead of the game: Honor’s quest to become the preferred choice in the Middle East Public cloud’s contribution to UAE economy could reach $181bn by 2033 – report Saudi wealth fund PIF launches Badael to make tobacco-free products Honor unveils Magic5 Pro, Magic Vs flagship smartphones in the UAE