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Screens within the Saudi stock exchange showing trading data. Image used for illustrative purpose.
Tamkeen Human Resource Company has set the price range for its initial public offering (IPO) on Saudi Exchange (Tadawul)) between 46 and 50 Saudi riyals ($12.25-13.31) per share.
The company will raise a maximum of SAR 397.5 million ($105.85 million) at the top end of the price range.
The book-building period for the institutional tranche, which started on October 13, will end on October 17.
The company is offering 7.95 million shares, or 30% of the company’s capital, on the Saudi main market (TASI).
Retail subscriptions will start from November 5 to 6.
Founded in 2018 and headquartered in Riyadh, Tamkeen offers staffing solutions to businesses and individual clients in Saudi Arabia. Its market share in the local staffing market stands at 4% as of 2022, with available manpower of more than 14,000.
(Editing by Seban Scaria seban.scaria@lseg.com)