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Tamkeen Human Resources Co. has set the final offer price at 50 riyals ($13.31) per share--the top end of the price range--on completion of the book-building process for the institutional tranche of its initial public offering (IPO) on Saudi Exchange (Tadawul).
The price range was set between SAR 46 and SAR 50 per share.
The company will raise SAR 397.5 million ($105.9 million) from the offering, a statement said on Monday
The institutional book building process generated an order book of SAR 55 billion and was over 138 times oversubscribed.
Retail subscriptions will start from November 5 to 6.
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% as of 2022, with available manpower of more than 14,000.
(Writing by Brinda Darasha; editing by Seban Scaria)
