HUMAIN prepares to go public
HUMAIN CEO posted on LinkedIn he was hiring a team to prepare the barely two-year-old company for an initial public offering.
HUMAIN, a state-backed AI firm, is preparing to go public, according to its CEO. The company, which is only two years old, is actively seeking a team with top-tier management consulting experience, strong financial and strategic depth, and expertise in investor-facing strategy and IPO preparation. HUMAIN's CEO, Amin, first announced the IPO plan in October, hoping to list the company in Saudi Arabia and New York by 2029.
The Public Investment Fund, which is the majority shareholder of HUMAIN, has been urging companies it created to reduce their reliance on state-backed funding due to a cash squeeze and declining returns. However, the journey to an IPO for a young company in Riyadh is not always smooth, as they typically need to demonstrate profitability or secure waivers from the market regulator.
In recent times, slowing government spending and the Iran war have caused Saudi companies to abandon listing plans, prompting them to explore alternative methods to attract foreign capital.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
