Retail subscription to Tamkeen’s 1.59M shares opens

Logo of Tamkeen Human Resources Co.

Retail investors will start today, Nov. 5, subscription to 1.59 million shares of Tamkeen Human Resources Co., at SAR 50 each, as determined by the book-building process.

The retail offering, representing 20% of the total offered shares, will continue until Nov. 6.

For More IPOs

The Capital Market Authority (CMA) approved, in September, Tamkeen’s request to register and offer 26.5 million shares, or 30% of the company’s capital, in an initial public offering (IPO), at SAR 10 each, according to Argaam’s data.

The institutional offering, which closed last week, was nearly 138.2x subscribed.

This is the eleventh listing on Saudi Arabia’s Main Market in 2024, following Middle East Pharmaceutical Industries Co. (Avalon Pharma) (Jan. 30), Modern Mills for Food Products Co. (March 5), Soliman Abdel Kader Fakeeh Hospital Co. and Miahona Co. (May 21), Saudi Manpower Solutions Co. (SMASCO) (May 26), Al Taiseer Group Talco Industrial Co. (TALCO) (May 28), Rasan Information Technology Co. (May 29), Almajed Oud (Sept. 15), Arabian Mills for Food Products (Sept. 18) and Fourth Milling Co. (Oct. 2).

Last year, eight companies listed on TASI, including, Al Mawarid Manpower Co., Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma), Morabaha Marina Financing Co. (MRNA), First Milling Co., Lumi Rental Co., ADES Holding Co., and SAL Saudi Logistics Services Co., besides the listing of MBC Group

Established in 2018, Tamkeen is a closed joint stock company based in Riyadh.

Tamkeen specializes in workforce solutions in the Kingdom, providing a wide range of customized recruitment services to corporate and individual clients locally. It offers its services to the corporate and retail segments, catering to their hourly and contractual needs.

The company operates through a network of 17 branches in Saudi Arabia and an online platform, backed by a diversified group of more than 14,000 workers from eight different countries. In addition, Tamkeen has 270 employees.

By the end of March 2024, the group's external recruitment network extended across 15 countries, efficiently providing a workforce for its diverse business sectors. Nearly 98.6% of the international workforce was recruited from eight main countries: Indonesia, the Philippines, Kenya, Uganda, Nepal, Bangladesh, Pakistan, and India. This global workforce is organized through a wide range of more than 36 credible recruitment agencies, which play a crucial role in identifying and securing foreign talent across various specializations to meet the needs of corporate and individual clients.

Company’s market share:

The target workforce market in the Kingdom is relatively consolidated, with the top five competing companies accounting for 58.6% of the total sales value in 2022.

Tamkeen ranks fifth, with a market share of 4% in 2022.

The following table shows major companies’ market share in terms of value (%) of the overall industry across the Kingdom in 2022.

Affiliated Units

The company directly owns a share in three affiliated companies locally, as follows:

Company’s Revenue

Tamkeen’s 2023 revenue significantly increased to approximately SAR 495.8 million.

According to the company’s prospectus, the corporate revenue increased to SAR 277.3 million, while the retail revenue reached SAR 218.6 million, as shown: