Almosafer Company, wholly owned by Saudi-listed Seera Group, intends to launch an initial public offering (IPO) on the Saudi stock exchange in the next two to three years, according to a report.

The IPO plans follow the end of talks with the sovereign Public Investment Fund, Argaam, an Arabic financial website, reported, quoting CEO Muzzammil Hussain.

In March, Seera Group terminated the non-binding term sheet with PIF for its proposed investment in Almosafer.

The report said Almosafer revenues reached 200 million Saudi riyals ($53.33 million), up 21% annually in the first quarter of 2024, and the company reached break-even in the first quarter of 2023.

Hussain noted a robust demand for the summer season, with travel bookings for Saudi domestic tourism increasing by 29% from January to April.

Almosafer also has a presence in Qatar, Bahrain and the UAE.

(Editing by Seban Scaria