Tamkeen IPO 14.4x covered, 4 shares allocated

Logo of Tamkeen Human Resources Co.

Tamkeen Human Resources Co. announced today, Nov. 10, the end of its retail offering and final allocation of the offer shares in its initial public offering on the Main Market (TASI).

 

In an emailed statement to Argaam, Tamkeen said the retail offer ran from Nov. 5-6.

 

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Retail investors placed 389,012 buy orders valued at SAR 1.14 billion. The offer shares were 14.43x subscribed by retail investors, to whom 1.59 million shares, or 20% of the total offering shares, were allocated.

 

Tamkeen allocated a minimum of four shares per individual subscriber.

 

Rump shares will be distributed on a pro-rata basis, based on demand size, at an average allocation factor of 0.159%, the company added.

 

Offer Details

Number of Offer Shares

1.59 mln

Offer Price

SAR 50/share

Coverage Ratio

14.43x

Retail Tranche

SAR 1.15 bln

Minimum Limit

4 shares

Pro-Rata Allocation of Rump Shares

0.159%

 

As much as 30% of the company’s share capital will be available for free float on TASI post-offering.

 

Tamkeen shares will make its TASI debut once the necessary paperwork is completed with the Capital Market Authority (CMA) and the Saudi Exchange (Tadawul).

 

The company offered 7.95 million shares, representing 30% of its SAR 265 million capital, to the public. The capital is divided into 26.5 million shares at a nominal value of SAR 10 per share.

 
Initially, 100% of the shares on offer were allocated to participating categories, with a potential reduction to 80% (6.36 million shares) if there is sufficient demand from retail investors.
 
The retail offer adjustment depends on demand levels.
 
The coverage ratio for the institutional book-building process reached approximately 13,820% of the total shares offered, with SAR 55 billion in demand from diverse investors.

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