Saudi digital solutions group TAM announces Nomu debut
RIYADH, June 14, 2023
TAM Development Company (TAM), a Riyadh-based digital solutions and advisory services consultancy, announced its trading debut on the Nomu – Parallel Market (Nomu) today (June 14) after its successful initial public offering (IPO) for qualified investors.
Shares began trading under the symbol “9570”, concluding the company’s public offering that gave a market capitalization of SR475,799,610, with a share price of SR130.
According to TAM, the coverage ratio for the IPO reached 140.70%, with positive demand from selected qualified investors.
A total of SR76,128,000 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, it stated.
The bell-ringing ceremony for the listing of TAM’s shares at Tadawul was attended by Omar Aljeraisy, Chairman of TAM and Nayef Al Athel, Chief of Listing at Saudi Exchange.
On the Nomu launch, Managing Director and CEO Abdullah A. Yousef 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.
Yousef said the group was confident that listing on Nomu will help achieve its ambitions, better serve customers and drive long-term value for its 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," he added.
Al Athel said the listing highlights the important role of digital solutions and advisory services in Saudi Arabia’s ongoing national development and strategy for economic diversification.
"TAM continues to evolve at an impressive pace, and we would like to congratulate the firm on this critical milestone. We look forward to the company’s journey as a listed entity on Nomu – Parallel Market," he added.
A Saudi company offering a unique model that integrates digital solutions and advisory services, TAM has delivered more than 150 national projects and served more than 20 sectors in KSA and the region. It has more than 200 employees and expert contractors.-TradeArabia News Service
