Maharah Human Resources Co. debuts on Tadawul

Maharah Human Resources Co. debuted on the Saudi Stock Exchange (Tadawul) on Tuesday in the commercial and professional services sector under symbol 1831.

The daily fluctuation rate stands at 10 percent, according to a statement.

Maharah is the third company to list this year, following the listing of Al Moammar Information Systems Co. in April and Arabian Centers Co. in May.

The new entry brings the number of listed firms in Tadawul to 175, along with 17 real estate investment trusts (REITs).

The company offered 11.25 million shares, or 30 percent of its share capital, in an initial public offering (IPO) at SAR 69 each.

Maharah allocated 10.125 million shares, or 90 percent of the total offering size to institutional investors and funds, and 10 percent for retail investors.

The retail offering was 230 percent oversubscribed, attracting 31,000 subscribers purchasing 2.59 million shares at total proceeds of SAR 178.79 million. Maharah allotted a minimum of ten shares to each subscriber in the IPO.

“Maharah will continue on implementing its strategy to expand in the individual sector to make the Saudi human resources sector a leading and competitive model locally and regionally,” Yousef Al Quffari, Maharah CEO, said in a statement.

The company was established in 2013 as Maharah Foreign Recruitment Co. with SAR 100 million in capital to provide foreign recruitment services to both the public and private sectors.

The human resources firm rebranded in 2017, and increased capital in December 2018 to SAR 375 million.

Maharah has 18 branches across the Kingdom, in addition to its main offices in Riyadh and a sales office in King Saud University.

Among major shareholders, Al-Ahliya International Real Estate Investment Co. owns a 19.43 percent of Maharah.

Below is a list of Maharah’s major shareholders:

*Each owns a stake of less than 5%