TAM Development eyes IPO on Nomu in H1 2023: CEO

Founder and CEO of TAM Development Co., Abdullah Al-Yousef

TAM Development Co., a management and digital solutions consultancy, is planning an initial public offering (IPO) on Nomu-Parallel Market in the first half of 2023, founder and CEO, Abdullah Al-Yousef, told Bloomberg.  

TAM is looking for a transition to the Main Market two years after listing.

The company generates most of its revenues from advising the Saudi government and government-related entities linked to the Public Investment Fund (PIF). Al-Yousef cited the company’s fast growth, noting that backlog contracts this year will boost revenue by 20%.

TAM has very strong growth potentials over the next two years. It will not proceed with a high valuation. On the other hand, the CEO ruled out that the latest market volatility will impact the company, pointing to high investor demand.

TAM’s business profile is based on providing integrated consultancy services and innovative digital solutions that empowers clients to implement sustainable public transformation initiatives from strategic planning to execution.

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