Saudi management consultancy TAM receives CMA approval for IPO

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.” 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