Saudi Arabia’s flynas Raises $1.1B in Fully Subscribed IPO

Saudi Arabia’s low-cost carrier flynas raised approximately SAR4.1 billion (USD1.1 billion) in a highly anticipated and fully subscribed initial public offering (IPO) on May 12, 2025. Investors quickly snapped up a 30% stake in the airline minutes after the books opened on Riyadh’s Tadāwul Stock Exchange.

The IPO offered 51.26 million shares priced between SAR76 and SAR80 (USD20.30–21.33), consisting of newly issued shares and stock sold by existing shareholders. Major backers include Prince Alwaleed bin Talal’s Kingdom Holding Company and National Flight Services Co. The offering marks the first IPO by a Gulf-based airline in nearly two decades and implies a listing valuation of SAR13–13.7 billion (USD3.47–3.65 billion).

Proceeds from the new shares will support flynas’s ambitious fleet and network expansion, while funds from the secondary shares will go to the selling shareholders. The newly issued shares will represent 10.2% of the airline’s total share capital.

flynas CEO Bander Almohanna called the IPO “a strategic step that will accelerate the execution of our growth ambitions” and reinforce its leadership as a low-cost carrier across the Middle East and North Africa by 2030.

flynas currently operates 71 aircraft to 74 destinations in 34 countries, with a fleet consisting of four A320-200s, fifty-six A320-200Ns, and four A330-300s. It has 153 Airbus aircraft on order. The carrier reported a net profit of SAR434 million (USD115.7 million) in 2024.

The flynas IPO comes ahead of a planned USD1 billion offering from Etihad Airways, expected later in 2025.

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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com