Saudi OTA Almosafer on Track for Year-End 2026 IPO
Saudi Arabia's largest travel company Almosafer remains on track for a secondary listing on the Tadawul main market by late 2026 despite U.S.-Iran conflict headwinds.
Stock photo for illustration only, not from the actual event
- Almosafer plans a secondary stock listing on Saudi Arabia's Tadawul main market by the end of 2026.
- The transaction involves secondary share offerings rather than raising new capital, with proceeds returning to Seera Group.
- The company posted record Q2 results driven by surging domestic tourism and robust hajj and umrah travel.
- U.S.-Iran conflict disruptions reduced corporate travel bookings while consumer revenues continued to grow.
Almosafer, Saudi Arabia's largest travel and tourism firm, is pressing ahead with plans to list on the kingdom's main stock exchange, Tadawul, before the conclusion of this year, navigating through a challenging operating climate brought on by the ongoing U.S.-Iran conflict.
Muzzammil Ahussain, CEO of Almosafer, told travel publication Skift that the company's parent firm, Seera Group, always maintained a strategy to list Almosafer on the Tadawul main market by the close of 2026. While a definitive listing date has not yet been established, the organization is currently focusing on internal readiness and monitoring prevailing market conditions.
Stock photo for illustration only, not from the actual event
The upcoming transaction is structured as a secondary offering rather than a capital-raising event, according to Ahussain, with financial proceeds flowing directly back to the shareholder. He emphasized that Almosafer is well-capitalized, self-sufficient in funding, and possesses a robust balance sheet. Initial public offering activity across Saudi Arabia has remained subdued this year following the outbreak of the regional conflict, with only two minor listings on the main market.
Operationally, Almosafer recently navigated its strongest quarterly performance ever, propelled largely by an exceptional performance in the hajj and umrah segment, which saw net booking values jump 43% and revenues climb 32%. Furthermore, domestic travel experienced rapid expansion, accounting for 45.5% of total bookings led by key destinations including Makkah, the Red Sea, and Riyadh's Six Flags Qiddiya.
"The company's owner, Seera Group, always had a plan to list Almosafer on the main market of Saudi stock exchange Tadawul by the end of 2026."
Muzzammil Ahussain, CEO of Almosafer
Almosafer's resilience in pursuing a public listing amid geopolitical tensions highlights the growing maturity and domestic self-reliance of Saudi Arabia's tourism economy. By capitalizing on religious tourism and giga-project destinations tied to Vision 2030, the travel giant aims to insulate its broader business model from external market shocks.
Despite these bright spots, the U.S.-Iran war has impacted consumer, corporate, and United Arab Emirates operations, with corporate travel net booking values dropping 25% in what has been described as the conflict's longest-lasting operational repercussion. Conversely, consumer revenue still grew by 13% due to higher pricing despite softer overall booking volumes. The ultimate objective moving forward is successfully converting Vision 2030 awareness into concrete inbound bookings ahead of Expo 2030 and the 2034 World Cup.
Source: Skift
Found something wrong in this article? Report an issue with this article
Comments
Leave a Comment