Saudi IPO: Budget airline flynas to offer retail investors up to 20%

Dubai: The next IPO in Saudi Arabia is ready to fly.

The budget airline, flynas, will offer retail investors up to 20% through the stock market float, adding another airline in the GCC on the route to going public. The Saudi airline will offer 30% of its capital.

The retail investor subscription opens May 28, with the institutional book-building process to be completed by May 18. On June 3, there will be the final allocation and the Saudi Tadawul debut date to be confirmed later.

In the first nine months of 2024, the airline flew 10.9 million passengers through its network that serves 72 destinations. It’s got a sizable order book for 30 Airbus A330neo and 130 A320neo.

Revenues for 2024 came to SR434 million, a neat gain on the SR401 million from the year before. Revenues last year topped SR7.5 billion.

"This IPO offers investors the opportunity to participate in the growth journey of a high-value airline operating within one of the world’s fastest-growing aviation markets — the Kingdom of Saudi Arabia and the GCC," said Bander Almohanna, CEO and Managing Director of flynas.

"Our ambitious fleet expansion — including the addition of wide-body aircraft — will further support our growth across all key segments.

"With an all-Airbus fleet and a robust order book, we are well prepared to meet rising travel demand within, from, and to the Kingdom, supported by our strategic presence at the busiest international airports in Saudi Arabia."