Seera unit Almosafer plans IPO in Saudi market within 3 years

05/03/2024 Argaam

Seera unit Almosafer plans IPO in Saudi market within 3 years

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Almosafer Co., a wholly owned subsidiary of Seera Group Holding, plans to go public in the Saudi market within the next three years, CEO Muzzammil Ahussain told Al-Arabiya Business.

 

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The online travel platform is set to exceed its historical performance level and exceed SAR 10 billion in booking value by 2025, in line with Seera's new strategy, he added.

 

He indicated that the company wrapped up 2023 with robust financial results, recording a net booking value of SAR 5.7 billion during the first nine months of the year. This represents a 52% rise year-on-year in Q3 2023 revenues, Ahussain said, adding the momentum is likely to continue in 2024.

 

Seera announced the termination of the non-binding term sheet with the Public Investment Fund (PIF) for its proposed investment in Almosafer, as of March 3, after the two parties failed to reach an agreement on the deal, data available to Argaam showed.

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