Initial Saudi will ‘definitely go public’ in three years
Firm could potentially be the first Saudi-based FM company to go public
Initial Saudi, a Saudi-based FM company that manages several high profile FM contracts in the Kingdom, is preparing to go public in the next couple of years.
“With the change that took place it should be within the next two years to three years. We have changed our approach with the change in market conditions, as we look to almost double our staff. While our company is majority family owned, and Ali Sayegh Group as an investor in the company, going IPO is almost a natural step,” said Initial Group managing director Faris Bundakji.
In an exclusive interview with fmME, Bundakji revealed that the plans changed after the recent economic reformation that was initiated by the Crown Prince Mohammed Bin Salman Al Saud.
“It [being listed on the stock exchange] should have already happened by now, but we will get there eventually,” he said.
Intial Saudi is currently operates as closed joint stock company with a full-fledged board.
The corporate governance structure was put in place in 2015 when the group sought the services of a consortium of consultants.
Initial Saudi currently employs 22,000 employees who offer integrated facilities management services.
Bundakji says that number will rise to 40,000 employees around the time the IPO takes place.