Tamkeen HR’s Tadawul IPO retail tranche was 14.4x oversubscribed

Tamkeen HR’s retail offering was 14.4x oversubscribed, receiving orders worth SAR 1.1 bn, Argaam reports, citing an emailed statement. The homegrown manpower provider allocated 1.6 mn shares to individual investors — amounting to 20% of the total offering. A minimum of 4 shares were allocated per individual subscriber, while rump shares will be distributed on a pro-rata basis. The institutional tranche of the offering was sold out within hours of opening last month.

REFRESHER- The labor agency is taking a 30% stake to Tadawul's main market in a secondary share sale that will see selling shareholders pocket proceeds on a pro-rata basis, after SAR some 25 mn in IPO-related expenses are covered. The IPO was priced at the top of the indicative range at SAR 50 per share, locking in some SAR 397.5 mn in total proceeds and giving the firm a market cap of SAR 1.3 bn at listing.

ADVISORS- Saudi Fransi Capital is quarterbacking the transaction as lead manager, financial advisor, bookrunner and underwriter, with Stat Law Firm providing counsel to the issuer. Meanwhile, PwC will act as financial due diligence advisor and Euromonitor International is stepping in as market study consultant, and Baker Tilly MKM as auditor. Receiving agents include Saudi Fransi Capital, Al Rajhi Bank, SNB Capital, Riyadh Capital, Albilad Investment, and others.