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Saudi low-cost airline Flynas to launch IPO

Aircraft, Airliner, Airplane Flynas
Saudi Arabia’s sovereign Public Investment Fund owns a 17 percent stake in Flynas

Flynas, the Saudi carrier backed by Saudi billionaire Prince Alwaleed Bin Talal, has hired consultants for a potential initial public offering (IPO) in Riyadh.

The low-cost airline may go public as early as next year, Bloomberg reported, citing an airline statement.

Goldman Sachs Group, Morgan Stanley and Saudi Fransi Capital will work on the IPO.

Saudi Arabia’s sovereign Public Investment Fund owns a 17 percent stake in Flynas and is in talks to increase its holding in the airline, the news agency reported in April.

Flynas has been weighing an IPO since 2008 and hired Morgan Stanley, Citigroup Inc. and NCB Capital for a potential deal in 2018.

The airline is setting up local units in two more countries and expanding its existing jet orders to become the Middle East’s largest low-cost airline.

Saudi Arabia in March launched a new national airline – Riyadh Air – expected to create more than 200,000 direct and indirect jobs and add $20 billion to the kingdom’s non-oil economy.

Riyadh Air will connect the capital city to over 100 destinations by 2030.

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