{"id":90498,"date":"2024-10-14T00:00:00","date_gmt":"2024-10-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/14\/tamkeen-hr-sets-price-range-for-tadawul-secondary-share-sale\/"},"modified":"2024-10-14T00:00:00","modified_gmt":"2024-10-14T00:00:00","slug":"tamkeen-hr-sets-price-range-for-tadawul-secondary-share-sale","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/14\/tamkeen-hr-sets-price-range-for-tadawul-secondary-share-sale\/","title":{"rendered":"Tamkeen HR sets price range for Tadawul secondary share sale"},"content":{"rendered":"

Homegrown labor agency Tamkeen HR is guiding on a price range of SAR<\/strong> 46-50 apiece <\/strong>for its <\/strong>IPO of a 30% stake<\/a><\/strong> on Tadawul\u2019s main market<\/strong>, it said in a press release (pdf)<\/a>. The pricing could see Tamkeen raise up to SAR 397.5 mn in proceeds, according to Enterprise calculations. At the top of the range, the guidance gives the firm a market cap of SAR 1.3 bn at listing.<\/p>\n

The institutional book-building period kicked off yesterday<\/strong>, running until Thursday, 17 October, where investors will be able to subscribe to 100% of the offering, booking a maximum of around 1.3 mn shares, and a minimum of 100k shares each. The financial advisor has the option to reduce that to only 80% of the offering, in the event that there\u2019s sufficient demand from retail inventors.<\/p>\n

Use of proceeds + lockup: <\/strong>Proceeds from the sale will be pocketed by selling shareholders on a pro-rata basis, after some SAR 25 mn are used to cover offering-related expenses, according to the prospectus. The firm will not receive any of the offering\u2019s proceeds. Substantial shareholders will not be able to sell down their positions for a period of six months starting from the first day of trading.<\/p>\n

What\u2019s next?<\/strong> The two-day retail subscription begins on Tuesday, 5 November, with investors eligible for up to 20% of the shares, subject to demand. Each retail investor can subscribe to a maximum of 250k shares, and a minimum of 10 shares. Final allocations will be announced on Monday, 11 November, with any excess fees refunded by Wednesday, 13 November.<\/p>\n

ADVISORS-<\/strong> Saudi Fransi Capital is quarterbacking the transaction as lead manager, financial advisor, book-runner 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Institutional investors began submitting bids yesterday<\/p>\n","protected":false},"author":1,"featured_media":90499,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2542],"tags":[2419,10,29,244],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-capital-markets","tag-enterpriseam-ksa","tag-ipo-watch","tag-saudi-tadawul-group","wpautop","entry"],"acf":{"mongo_id":"2b211626-15ba-45c3-bd57-de9ea8ea3ac8","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/990.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Tamkeen HR sets price range for Tadawul secondary share sale","related_issue":[90485],"teaser":"Institutional investors began submitting bids yesterday","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.146561be-f3cb-453a-9880-b5f52af325d9.mp3"},"yoast_head":"\nTamkeen HR sets price range for Tadawul secondary share sale - 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