Saudi Arabian budget airline flynas plans to raise up to 4.1 billion riyals ($1.1 billion) through an initial public offering (IPO) in Riyadh. The airline announced the move on Monday. This marks the first Gulf airline IPO in nearly two decades. flynas aims to raise $1.1 billion in Riyadh IPO. This will boost its expansion strategy and support Saudi Arabia’s tourism goals.
The airline will sell a 30% stake to investors, offering shares priced between 76 and 80 riyals each. This price range values the company at up to $3.6 billion. Saudi Arabia continues to push tourism as a key economic pillar. It aims to reduce its dependence on oil revenue. flynas aims to raise $1.1 billion in Riyadh IPO, aligning with Saudi Arabia’s Vision 2030 goals.
This listing will be the third by a Gulf airline after Air Arabia in the UAE and Jazeera Airways in Kuwait. The institutional book-building phase started on Monday and will close on May 18. flynas confirmed that it will use 34% of the IPO’s net proceeds for its growth strategy and general corporate activities. flynas aims to raise $1.1 billion in Riyadh IPO, signaling a shift toward diversified economic investments.
