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Flynas announces IPO plans with 30% stake to be listed on Saudi Exchange
Published in The Saudi Gazette on 05 - 05 - 2025

RIYADH — Saudi low-cost carrier flynas announced on Monday its intention to proceed with an initial public offering (IPO) and list its shares on the Main Market of the Saudi Exchange (Tadawul), following approval by the Capital Market Authority (CMA) on March 26.
The IPO will consist of 51.26 million ordinary shares, representing 30% of the company's post-offering share capital. This includes 33.83 million existing shares to be sold by current shareholders, 8.32 million treasury shares, and 17.43 million newly issued shares.
The offering will be open to both institutional and individual investors, with the final offer price to be determined through a book-building process.
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, and any refund of excess subscription amounts will be made by Thursday, June 5.
Commenting on the announcement, Bander Almohanna, CEO and Managing Director of flynas, said: "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."
He added: "This IPO offers investors the opportunity to participate in the growth journey of a high-value airline operating within one of the world's fastest-growing aviation markets — the Kingdom of Saudi Arabia and the GCC. It also highlights the remarkable transformation flynas has undergone since its founding in 2010."
According to the company, net proceeds from the new share issuance will be used to support flynas' fleet expansion, extend its network, and fund general corporate activities. Proceeds from the sale of existing shares and treasury stock will be distributed among current shareholders.
Founded in 2010, flynas 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.
"As the only independent airline in Saudi Arabia and the leading low-cost carrier in the region, we are uniquely positioned to benefit from the strong demand driven by the Kingdom's aviation and tourism strategies," Almohanna said.
"We remain focused on strengthening our market share on key domestic routes while strategically expanding into underserved international markets."
He also emphasized the company's role in religious travel: "The Hajj and Umrah segment is a cornerstone of our strategy, and we are well-positioned to serve the growing demand for religious travel to the holy cities of Makkah and Madinah — supported by our regional leadership and operational flexibility."
flynas operates from four strategic hubs: Riyadh, Jeddah, Dammam, and Madinah. In 2024, the airline carried 14.7 million passengers, up from 11.2 million in 2023, with an 86% seat occupancy rate and an 88% on-time performance.
"Our ambitious fleet expansion — including the addition of wide-body aircraft — will further support our growth across all key segments," Almohanna said.
"With an all-Airbus fleet and a robust order book, we are well prepared to meet rising travel demand within, from, and to the Kingdom."
He concluded: "As we move toward becoming the first airline to be listed on the Saudi Stock Exchange, we are excited to welcome new shareholders to flynas' ambitious journey."
The offering is being led by BSF Capital as the lead manager, with Goldman Sachs Saudi Arabia, Morgan Stanley Saudi Arabia, Al Rajhi Capital, Citigroup Saudi Arabia, anb capital, and Emirates NBD Capital KSA serving as bookrunners.


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