TAM Development Co., a management consulting firm located in Saudi Arabia, is preparing to go public later this year to test whether investor appetite for fresh share sales will remain the same as it did in 2017. According to Abdullah Yousef, co-founder and CEO of TAM, the company intends to list on the Kingdom’s small cap market.
Abdullah Yousef stated that it would likely be promoted to the primary exchange within two years. Most of the consulting firm’s income comes from advising the Saudi government and organisations with connections to the Public Investment Fund, its sovereign wealth fund.
Saudi Arabia took part in the Middle East’s IPO boom that occurred last year as a result of the region’s economic growth and robust investor demand. Around half of the revenues in all of Europe, the Middle East, and Africa came from regional listings while transactions elsewhere failed due to pressure from high inflation and increasing interest rates.
“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, so we don’t think the recent volatility in the market will affect us too much,” he said. “There’s still a lot of demand out there from investors,” he added, according to the Gulf News. Yousef, now 35, created TAM after graduating from McMaster University in Canada roughly ten years ago. Abdulla Elyas, co-founder of Careem Inc., was named to the company’s board of directors last December 2022.
