Aviation Flynas sets IPO price as retail tranche opens next week By Pramod Kumar May 22, 2025, 9:35 AM Flynas/X Flynas set the IPO price at $21.33 per share – the top end of the range – that will raise SAR4.1 billion to fund its expansion The retail tranche of Saudi budget airline Flynas’s initial public offering (IPO) will start on May 28 after the institutional tranche was oversubscribed almost 100 times, according to a statement to the Saudi stock exchange. The airline set the IPO price at SAR80 ($21.33) per share – the top end of the range – raising SAR4.1 billion to fund expansion. Retail subscription for 10.3 million shares will close on June 1. The final allocation will be announced on June 3, with refunds starting June 5. The airline, which is partly owned by billionaire Prince Alwaleed Bin Talal, is selling 51.3 million shares, or 30 percent of its stock, for listing on the main Saudi Exchange market, after receiving approval from the Saudi market regulator last month. It reported a revenue of SAR5.9 billion ($1.6 billion) for the first nine months of 2024, an increase of 20 percent from SAR4.9 billion a year ago. Net profit for the period reached SAR493 million, rising 51 percent from SAR327 million. Flynas to test appetite for airline IPOs as Gulf rivals look on Profitable Flynas to launch IPO this month Low-cost carrier Flynas to offload 30% on Saudi bourse The airline operates 1,500 flights a week with an all-Airbus fleet, connecting more than 70 domestic and international destinations, according to its website. Kingdom Holding has a 37 percent share in Flynas, formerly known as Nas Air. Saudi Arabia’s Public Investment Fund holds a 17 percent stake. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
