Saudi Arabia-based recruitment firm Maharah Human Resources is seeking to raise more than USD 200 million in an initial public offering that's likely to start this week, reports The Business Times, citing sources familiar with the matter. Maharah plans to offer 30% of its existing share capital to investors through a listing on Saudi Arabia’s stock exchange, the sources said, asking not to be identified because the matter is private. The offering will be open to both institutional and retail investors. The company will be the first HR firm to list on the Saudi bourse, which predominantly trades banking and energy-related stocks. On 31 March 2019, the Capital Market Authority announced the approval on the Initial Public Offering of Maharah Human Resources company's shares. The company states that it uses the 120,000 work visas that have been provided by the Ministry of Labour to sponsor workers from various professions from different countries. The main objective of Maharah is to operate as a recruitment mediator, and provider of domestic services and labour force to the public and private sectors. The company also provides payroll services, online recruitment, visa processing, training and HR consulting.