DUBAI, United Arab Emirates (AP) — Saudi Arabia ’s low-cost carrier Flynas sold within minutes of opening all of the $1.1 billion in shares from its initial public offering on the Riyadh stock exchange on Monday.
The carrier, backed by billionaire Alwaleed bin Talal, is offering 51.2 million shares at around $20 to over $21 apiece, representing about 30% of the company’s share capital.
Flynas, which describes itself as the kingdom’s only independent airline, hopes to build out its fleet and expand its four bases, according to a statement from the company.
The move to go public comes despite worldwide market uncertainty fueled by U.S. tariffs and a continued downturn in oil prices that threatens to stifle growth in the kingdom.
The move comes after media reports that Abu Dhabi’s Etihad Airways is eyeing an IPO plan of its own.
The IPO, which would make Flynas the first carrier in the Gulf Arab region to go public over the past two decades, includes newly issued stocks, as well as shares from National Flight Services Co. and Alwaleed’s Kingdom Holding Co.
Flynas, which last year posted a profit of $116 million and $2 billion in revenues, is not the only Saudi firm that is looking to go public. Specialized Medical, which operates hospitals, the packaging company United Carton Industries, and tech company iMENA Group all have IPO plans underway.
DJ Kamal Mustafa
I’m DJ Kamal Mustafa, the founder and Editor-in-Chief of EMEA Tribune, a digital news platform that focuses on critical stories from Europe, the Middle East, Africa, and Pakistan. With a deep passion for investigative journalism, I’ve built a reputation for delivering exclusive, thought-provoking reports that highlight the region’s most pressing issues.
I’ve been a journalist for over 10 years, and I’m currently associated with EMEA Tribune, ARY News, Daily Times, Samaa TV, Minute Mirror, and many other media outlets. Throughout my career, I’ve remained committed to uncovering the truth and providing valuable insights that inform and engage the public.
