Riyadh: Gulf Tech News
TAM Development Co. (‘TAM’), a Riyadh-based digital solutions and advisory services consultancy, announced its trading debut on the Nomu – Parallel Market (‘Nomu’) today, after its successful initial public offering (‘IPO’ or ‘Offering’) for qualified investors.
Shares began trading under the symbol “9570”, concluding the company’s public offering that gave a market capitalization of SAR 475,799,610, with a share price of SAR 130. The coverage ratio for the IPO reached 140.70%, with positive demand from selected qualified investors. A total of SAR 76,128,000 in proceeds were raised through this IPO. The company plans to expand, grow and focus on governance post-listing. This includes diversifying its digital solutions and advisory services, investing in new technologies, and attracting experts with a high level of expertise and capabilities, in addition to developing and increasing its talented workforce.
Mr. Abdullah A. Yousef, Managing Director and CEO of TAM, said: “We are proud to take this transformational step in TAM’s journey and become a public company. We look forward to continue building on our strong foundation and to leverage the support of our new investors as we pursue our growth plans. TAM’s listing on the Nomu-Parallel Market after achieving positive momentum over the years and making a noticeable impact, delivering over 150 national projects and expanding its network of experts to over 200, will hopefully encourage other Saudi companies that have achieved much success to go public.”
He added: “We are confident that listing on Nomu will help achieve our ambitions, better serve our customers and drive long-term value for our shareholders, especially with the enhanced governance, management and control structure that IPOs bring, whilst following the best corporate practices as outlined by the Capital Market Authority (CMA). Adding to that, the listing will help us grow TAM’s corporate brand regionally, attract top talent and be involved in more exciting high-profile projects. We are proud of the work we have accomplished so far, in line with the objectives of Saudi Vision 2030, and are excited for what comes next.”
Mr. Nayef Al-Athel, Chief of Listing at Saudi Exchange, stated: “The listing of Tam Development Company highlights the important role of digital solutions and advisory services in Saudi Arabia’s ongoing national development and strategy for economic diversification. The company continues to evolve at an impressive pace, and we would like to congratulate Tam Development Company on this critical milestone. We look forward to the company’s journey as a listed entity on Nomu – Parallel Market.”
The bell-ringing ceremony for the listing of TAM’s shares at Tadawul was attended by Omar Aljeraisy, Chairman of TAM and Mr. Nayef Al-Athel, Chief of Listing at Saudi Exchange.
TAM is a Saudi company offering a unique model that integrates digital solutions and advisory services, under the leadership of strong and expert board members that are equipped with local and international expertise. TAM has more than 200 employees and expert contractors. Its partners are equipped to design state-of-the-art digital solutions that complement its advisory practice.
TAM has delivered more than 150 national projects and served more than 20 sectors in Saudi Arabia and in the region. The company’s revenues grew by 64% in 2022 to SAR 147.1 million, compared to SAR 89.8 million in 2021. Its net income was up by 69% to SAR 27.9 million, while its assets grew by 57% to SAR 132.4 million over the same period in 2022.
