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Management consultancy for PIF said to list on Saudi market

REUTERS/Faisal Al Nasser
The consultancy derives majority of its revenue from advising the Saudi government and government-related entities linked to the PIF

Saudi-based management consultancy TAM Development Co. is planning an initial public offering (IPO) in the first half of the year, Bloomberg reported, citing CEO Abdullah Yousef.

TAM is planning to list on the kingdom’s small-cap market, he added, with plans to move to the main exchange within two years.

The consultancy derives most of its revenue from advising the Saudi government and government-related entities linked to the Public Investment Fund (PIF). 

Yousef did not disclose the possible valuation, adding that the firm was growing rapidly and already has contracts booked for this year, representing 20 percent revenue growth.  

“We still have very high growth prospects over the next two years, and we’re not planning to go to the market with a crazy valuation,” he noted. 

The Middle East and North Africa (Mena) IPO market showed significant growth last year, while the global landscape remained subdued.

According to the latest EY Mena IPO Eye report, the region witnessed a 288 percent year-on-year increase in the number of companies listing between January and September, raising $14.7 billion in total – up 550 percent on the same period last year.