Saudi Arabia’s budget airline Flynas sold all $1.1 billion in shares within minutes of its IPO launch on the Riyadh stock exchange Monday. The offering marks a major milestone, making Flynas the first Gulf carrier to go public in two decades.
Backed by billionaire Prince Alwaleed bin Talal, Flynas offered 51.2 million shares priced between $20 and $21, representing 30% of the company’s capital.
Flynas sells out IPO in minutes, signaling strong investor confidence despite global market headwinds.
The airline plans to use the capital to expand its fleet and scale operations at its four Saudi hubs. This growth strategy aligns with Saudi Arabia’s broader aviation goals under Vision 2030, aiming to transform the Kingdom into a global transport hub.
The IPO includes newly issued shares and stakes from National Flight Services Co. and Kingdom Holding Co., reflecting deep institutional support.
Flynas sells out IPO in minutes, becoming a standout in the region’s aviation and financial sectors.
Despite economic uncertainty triggered by falling oil prices and U.S. tariffs, Flynas’ offering drew swift investor interest. The IPO’s success could set the stage for a wave of listings from regional carriers, with Abu Dhabi’s Etihad Airways reportedly considering its own public debut.
Flynas reported $116 million in profit and $2 billion in revenue last year. The company is part of a growing list of Saudi firms pursuing IPOs, including Specialized Medical, United Carton Industries, and tech player iMENA Group.
Flynas sells out IPO in minutes, showing that investor appetite remains strong for high-growth companies in Saudi Arabia’s evolving economy.
