Saudi airline flynas opens IPO to retail investors

Dubai: Saudi low-cost airline flynas has officially opened its retail subscription period, giving individual investors a chance to participate in one of the Kingdom’s most high-profile public offerings in recent years.

The offering comes on the heels of a record-setting institutional round, which saw nearly SAR409 billion ($109 billion) in orders — around 100 times oversubscribed — from both local and international investors. flynas has priced the IPO at SAR 80 per share, the top of its marketed range, valuing the airline at approximately SAR13.7 billion ($3.6 billion).

Retail investors now have access to 10.25 million shares, representing 20% of the total offering. The remaining 80% has already been allocated to institutional buyers.

Subscriptions for individual investors will run from Wednesday, May 28 to Sunday, June 1, 2025, closing at 12:00 p.m. KSA time. Allocations will be finalized by June 3, with refunds issued by June 5.

This IPO marks the first Gulf airline listing in nearly two decades, and positions flynas as a pioneer in the regional aviation sector's next growth phase. Backed by Prince Alwaleed bin Talal’s Kingdom Holding and National Flight Services Co., flynas plans to use IPO proceeds for fleet expansion, new hubs, and employee incentives.

Of the SAR 4.1 billion ($1.1 billion) raised:

flynas reported $2 billion in revenue and $116 million in net profit for 2024, underlining strong fundamentals as demand for budget air travel surges across MENA.

This offering also reflects growing investor appetite in the Kingdom’s capital markets, as more regional firms move forward with IPOs amid market recovery. It joins a wave of recent public listings across the Gulf, bolstered by Saudi Arabia’s Vision 2030 ambitions and renewed global interest in emerging market equities.

Participating banks and financial platforms include: SNB Capital, Al Rajhi Capital, Riyad Capital, Alinma Capital, among others.