Saudi airline flynas disclosed the price range and launched its institutional book building for its initial public offering (IPO) on May 12, 2025.
The company said it expects to raise between 3.9bn riyals ($1bn) and 4.1bn riyals ($1.1bn), implying a market capitalisation of the company at listing ranging between 13bn riyals ($3.5bn and 13.7bn riyals ($3.6bn).
The price range of the offering has been set between 76 riyals ($20.26) and 80 riyals ($21.33) per share.
The offering comprises comprises of 51.2 million shares. The offer shares will be listed on the Saudi Exchange, offered to individual and institutional investors. flynas said net proceeds will be used by the company to finance its growth strategy and for general corporate purposes.
The institutional book building subscription period will close on May 18, 2025. The selling shareholders include National Flight Services Company, Kingdom Holding Company, Nasser Ibrahim Rashid Al Rashid, amongst others.
Retail subscription is expected to open on May 28 and close on June 1, with the final allocation on June 3.