Saudi Arabian low-cost carrier flynas expects to receive approval soon for its initial public offering (IPO), according to local media.
CEO of the airline's partial owner, Kingdom Holding, Talal Al Maiman told Al Arabiya TV that flynas planned to list 30% if its shares on the Riyadh stock exchange.
The company submitted a listing application and is in the final stage of obtaining approval from the Capital Market Authority. Al Maiman said it will be an “interesting” IPO with the airline's “aggressive expansion plan”.
Speaking at Airline Economics' Growth Frontiers Saudi Arabia in April 2024, the airline's chief executive Bander Al Mohanna said the airline had made an annual profit every year since 2015, barring 2020 when the pandemic struck.
Al Maiman told Al Arabiya TV that the airline is continuing to make a profit.
The airline confirmed last year it was planning an IPO. It had hired Goldman Sachs, Morgan Stanley, and Saudi Fransi Capital for the potential IPO.