(Bloomberg) -- Saudi Arabia-based manpower provider Tamkeen Human Resources Co. got enough bids from investors to fully cover its initial public offering in the first hour after books opened Sunday, according to people familiar with the matter.
Tamkeen is seeking to raise up to 398 million riyals ($106 million) by selling a 30% stake, or 7.95 million shares, on the local stock exchange, the company said in a statement earlier. Institutional investors covered the order book across the price range of 46 riyals to 50 riyals a share, people familiar said, asking not to be identified.
Representatives for the firm didn’t immediately respond to requests for comment.
The offer period and book building for institutional investors will end Oct. 17. The retail subscription period will run from Nov. 5 to Nov. 6.
Tamkeen’s IPO is the latest in a series of stock offerings to be rapidly covered by investors, indicating that activity in the kingdom’s equity market will stay brisk throughout the end of 2024.
So far this year equity offerings in the country have raised over $15 billion, largely driven by Saudi Aramco’s secondary share sale, one of the biggest deals of its kind of the year. The Aramco offer was also sold out within hours, as was the $763 million IPO of local hospital group Dr. Soliman Abdul Kader Fakeeh Hospital earlier this year.
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