Saudi budget airline launches IPO, offers 20% to retail investors

RIYADH: Flynas, one of the region’s leading low-cost airlines, is preparing for a high-profile debut on the Saudi Tadawul stock exchange. As part of its initial public offering, the airline will float 30% of its capital, with 20% reserved for retail investors. The institutional book-building phase wraps up by May 18, while retail subscription opens on May 28. Final share allocation is expected by June 3, with the exact listing date to be announced soon.

This IPO not only marks another major listing in the Kingdom’s capital markets, but also puts the spotlight back on the Gulf’s booming aviation industry. With its extensive network spanning 72 destinations, flynas transported 10.9 million passengers in the first nine months of 2024 alone.

The airline continues to grow its fleet with a robust order of 30 Airbus A330neo and 130 A320neo aircraft. Financially, flynas is cruising steadily, posting revenues of SR434 million in 2024’s first nine months, up from SR401 million in the same period a year earlier. In 2023, annual revenues had soared past SR7.5 billion.