Saudi Arabia’s Tamkeen Human Resource Company will go ahead with its initial public offering (IPO) plans and intention to trade on the local bourse.

The HR firm will be offering 7,950,000 ordinary shares, which represent 30% of the share capital in the IPO, its lead manager, bookrunner and underwriter Saudi Fransi Capital has confirmed.

The latest to join the growing list of Saudi firms going public, the company had previously obtained the approval for the share offering from the Capital Market Authority (CMA).

Founded in 2018 and headquartered in Riyadh, Tamkeen offers staffing solutions to businesses and individual clients in Saudi Arabia. Its market share in the local staffing market stands at 4%, with available manpower of more than 14,000.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Seban.scaria@lseg.com