• 585,600 shares on offer representing 16% of Company’s share capital
• Price range has been set between SAR 100 and SAR 130 per share
• Qualified investors are able to subscribe to a minimum of 10 shares and a maximum of 182,990 shares
Riyadh, Saudi Arabia, May 21, 2023: TAM Development Co. (“TAM”), a Saudi Arabia-based digital solutions and management consultancy, opened the subscription for its initial public offering (“IPO” or the “Offering”) on the Nomu - Parallel Market today. The price range has been set between SAR 100 and SAR 130 per share.
The subscription period will run for five days from May 21 to 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% of the total issued share capital of TAM (equivalent to a total of 585,600 shares) will be made available under the Offering, which was approved by the Capital Market Authority (“CMA”) on December 29, 2022.
TAM 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 state-of-the-art digital solutions that complement its Advisory practice.
TAM has witnessed strong growth for more than 10 years under the leadership of Abdullah A. Yousef, Founder and CEO of TAM. It has evolved from a digital solutions company to one that incorporates advisory services. Today, TAM has delivered more than 150 national projects and served more than 20 sectors in Saudi Arabia and in the region.
TAM 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, Inc. in 2019.