flynas said it intends to launch an initial public offering (IPO), with 30% of its stake — or 51.3 million shares — to be sold post-offering. The company will sell 33.8 million — or 19.8% — of its existing shares and issue 17.4 million — or 10.2% — shares upon completion of the offering.
The airline received approval from Saudi's Capital Market Authority on March 26 and intends to be listed on the Saudi Exchange. flynas said it will be the first airline to be listed on the exchange.
“This strategic move will propel us towards becoming the leading low-cost carrier in the MENA region for short and medium-haul markets by 2030,” said flynas CEO and managing director Bander Almohanna.
The selling shareholders include National Flight Services, Kingdom Holding Company, Nasser Ibrahim Rashid Al Rashid, Mawarid Investment Company, amongst several others.
The net proceeds of the offering will be distributed to the selling shareholders, based on their stake in the airline, and the net offering proceeds of the new shares will be used by flynas to acquire aircraft and expand its network, as well as establish new operations centres and for general corporate purposes.
Almohanna continued: “We are committed to strengthening our market share on key domestic and regional routes, and strategically tapping into unserved international markets to broaden our network.”
The price range and start of institutional book building is expected on May 12, 2025, while retail subscription period is set to run from May 28 through June 1 before allocation on June 3.
The airline is looking to raise around $1bn, according to a Bloomberg report. The company's prospectus said the offering expenses are estimated to be around 100 million riyals ($26.7 million). Underwriters for the offering are Goldman Sachs Saudi Arabia branch, BSF Capital, Morgan Stanley Saudi Arabia branch.
The company noted it ended 2024 with six aircraft deliveries throughout the year, along with net profit of 434 million Saudi riyals ($115.7 million), up 8%, and revenues of 7.56bn riyals ($2bn), up 19%.