HUMAIN seeks team to prepare IPO in Saudi Arabia, New York

HUMAIN CEO posted on LinkedIn he was hiring a team to prepare the barely two-year-old company for an initial public offering. HUMAIN’s CEO kept himself in the news over the weekend after posting on LinkedIn that he was hiring a team to prepare the barely two-year-old company for an initial public offering. The state-backed AI firm is looking for “ top-tier management consulting experience, strong financial and strategic depth, and experience working on investor-facing strategy and IPO preparation,” Amin said. Amin first mentioned the IPO plan in October, stating his aim was to list HUMAIN in Saudi Arabia and New York by 2029.

Public Investment Fund, which launched HUMAIN and is majority shareholder, has been putting pressure on companies it created to reduce how much state-backed funding they require amid a cash squeeze and falling returns. But the path to an IPO for a young company is not always straightforward in Riyadh: They generally need to show a track record of profitability unless they can get waivers from the market regulator. In the short term, slowing government spending and the Iran war has led Saudi companies to abandon listing plans, leading them to look for other ways to attract foreign capital.