Flynas Considers $1 Billion IPO Amid Market Volatility

Saudi Arabia's Flynas is considering raising around $1 billion through its initial public offering (IPO). The low-cost carrier plans to sell 51.26 million shares, representing 30% of its share capital, with the bookbuilding period running from May 12 to May 18. Discussions on the price range are ongoing, and Goldman Sachs, Morgan Stanley, and BSF Capital are joint global coordinators on the share sale. Flynas would become the first Gulf airline to go public in nearly two decades if successful.

Title: Flynas Eyes $1 Billion IPO, Aiming to Become First Gulf Airline to List in Nearly Two Decades

Saudi Arabia’s Flynas, a prominent low-cost carrier, is set to raise around $1 billion through its initial public offering (IPO). The airline plans to sell 51.26 million shares, representing 30% of its share capital, with the bookbuilding period running from May 12 to May 18. Discussions on the price range are ongoing, and the IPO is being led by Goldman Sachs, Morgan Stanley, and BSF Capital as joint global coordinators [1].

Flynas, which was founded in 2010, operates 72 destinations across 30 countries, with a fleet of 61 aircraft and firm orders for 195 narrow-body and 15 wide-body Airbus aircraft. The airline reported SR7.56 billion in revenue in 2024, an EBITDA of SR2.18 billion, and net profit of SR434 million [3].

The IPO will be open to both institutional and individual investors, and the subscription period for individual investors will begin on Wednesday, May 28, 2025, and close on Sunday, June 1, 2025. Final allocation of shares is expected by Tuesday, June 3, with any refund of excess subscription amounts to be made by Thursday, June 5 [3].

Bander Almohanna, CEO and Managing Director of Flynas, commented on the IPO, stating, "We are pleased to announce that Flynas intends to offer its shares to the public through an initial public offering — a strategic step that will accelerate the execution of our growth ambitions and solidify our position as the leading low-cost carrier for short- and medium-haul flights across the Middle East and North Africa by 2030" [3].

Flynas has been boosting its fleet, with orders for up to 160 Airbus SE jets in 2024, and aims to extend its network and fund general corporate activities with the proceeds from the IPO [1]. The airline is one of a handful of Middle Eastern firms pushing ahead with IPOs in defiance of a global market rout caused by widespread US tariffs [2].

The IPO would make Flynas the first Gulf airline to go public in nearly two decades, following United Arab Emirates’ Air Arabia PJSC and Kuwait’s Jazeera Airways Co. [2]. The listing would also precede a possible $1 billion offering from Etihad Airways PJSC.

References
[1] https://www.thenationalnews.com/business/aviation/2025/05/06/flynas-ipo-saudi-arabia/
[2] https://www.bloomberg.com/news/articles/2025-05-05/prince-alwaleed-backed-flynas-defies-volatility-with-saudi-ipo
[3] https://www.saudigazette.com.sa/article/651532/BUSINESS/Flynas-announces-IPO-plans-with-30-stake-to-be-listed-on-Saudi-Exchange