Saudi management consultancy TAM receives CMA approval for IPO

TAM Development Co, the Riyadh-based management consultancy and digital solutions firm, which works closely with the Saudi government on the delivery of public sector transformation initiatives, has said it will be listing its shares, as it looks to expand operations in the kingdom.

The Saudi Capital Markets Authority (CMA) approved TAM’s application to list 585,600 shares, amounting to 16 per cent of its share capital, on the Tadawul Saudi Stock Exchange’s Nomu-Parallel Market.

A prospectus for the initial public offering (IPO) will be published within sufficient time prior to the start of share sale.

TAM’s CEO and founder, Abdullah A. Youssef said: “We are seeing growth double annually as the Vision 2030 reforms expand, and partnerships with government entities increase. We proudly welcome and appreciate the CMA’s approval of our application and we look forward to progressing this IPO in the months ahead.”

Ambitious plans

TAM’s plans for an IPO underscore its ambitions and are a testament to the expansion of the private sector in the Saudi economy spurred on by government-led policies. Saudi Arabia has undergone significant structural changes that have enabled the private sector to support the government’s diversification plans and deepen the kingdom’s capital markets.

Recently marking its 10th year of operations in the kingdom, the company is undergoing a rapid phase of growth after increasing year-on-year revenue by more than twofold for the past three years.

TAM announced in December the appointment of Careem co-founder, Dr Abdulla Elyas, to its board of directors as part of its expansion push.

Supporting delivery of the Vision 2030 reforms for its public sector clients, the consulting company has assisted the kingdom’s government entities in wider strategic development, policy innovation, public engagement, and digital solutions.

TAM has participated in more than 100 Saudi government policies and initiatives, trained 10,000 Saudi nationals and managed SAR100m in government grants.

In other news, IPOs in the Middle East fetched $11.4bn in the first five months of 2022.

Read: Middle East IPOs on track for best ever first half as oil surges