Saudia Technic CEO: We Aim for IPO before End of 2030

The company plans to triple the number of its mechanics and technicians over the next three years, in addition to expanding into new international markets. (Saudi Technic website)

The CEO of Saudia Technic, Fahd Cynndy, said that the company aims to offer public shares before the end of 2030.
Speaking on the sidelines of the Dubai Airshow, he noted that the company was planning an initial public offering (IPO) either in 2028 or 2029, explaining that the entity has no immediate plans to tap debt markets, Reuters reported.
“We have institutional investors that have committed a significant amount for the capability building... It covers our business plan up until the IPO target,” Cynndy said.
He added that Saudia Technic was planning a substantial expansion of its capabilities so that aircraft can be fully serviced within the Kingdom.
“We have just managed to secure worth of 5 billion riyals ($1.33 billion) to complete our maintenance repair and overhaul (MRO) village,” he was quoted by Reuters as saying, with phase one of the facility scheduled to open in August 2024.
The company plans to triple the number of its mechanics and technicians over the next three years, in addition to expanding into new international markets.
The Kingdom has witnessed a wave of IPOs in recent years, as a number of state-backed companies have listed their shares or are seeking to list as part of broader plans to deepen capital markets, develop the private sector, and attract investors.
Saudi Arabia has been massively spending on the aviation industry as it seeks to become a tourism and transportation hub, as part of far-reaching economic diversification objectives under Vision 2030.