Budget airline flynas, supported by Saudi Prince Alwaleed Bin Talal, plans to go public despite global market ups and downs
Flynas, a low-cost airline from Saudi Arabia supported by the wealthy Prince Alwaleed bin Talal, is going ahead with plans to sell shares to the public, becoming the first Gulf airline to do this in nearly 20 years, despite market ups and downs.
flynas Plans to Go Public
Saudi airline flynas is getting ready to sell shares to the public. It plans to offer about 17 million new shares and 8 million shares it already owns. At the same time, current shareholders will sell 25.5 million shares, according to Bloomberg.
Some of the shareholders selling their shares include Prince Alwaleed’s Kingdom Holding Company and the National Flight Services Company. Altogether, this share sale will make up 30% of flynas’s total shares.
Big banks like Goldman Sachs, Morgan Stanley, and BSF Capital are helping organize the sale. People can start placing orders for the shares between May 12 and May 18.
If the sale is successful, flynas will become one of the few airlines in the region that are publicly listed, joining the UAE’s Air Arabia and Kuwait’s Jazeera Airways. Last year, flynas made $2 billion in revenue and $116 million in profit.
Saudi Arabia’s financial regulator approved the share sale in March.
Moving Forward Despite Uncertainty
flynas is going ahead with its plans even though global markets have been shaky, partly due to trade policies from former US President Donald Trump. This is part of a trend where companies in the region are moving forward despite the global uncertainty.
Other Saudi companies like fintech firm Ejada Systems (owned by Al Rajhi Bank), paper maker United Carton Industries, and hospital group Specialized Medical Co. are also thinking about selling shares to the public.
In 2023, Bloomberg reported that the Saudi Public Investment Fund (PIF) had talks about buying a stake in flynas. PIF already owns 17% of Kingdom Holding, which it bought for $1.5 billion in 2022.
Focus on Tourism
Saudi Arabia is putting more effort into tourism as part of its Vision 2030 plan, led by Crown Prince Mohammed bin Salman. The goal is to attract 150 million tourists every year by 2030 and bring in $80 billion in private investment.
Airlines are expected to benefit from this push. The government has launched a new airline, Riyadh Air, and is focusing Saudia, the national airline, more on religious tourism.
Last year, flynas ordered up to 160 Airbus planes to help with its expansion plans.
Published: 6th May 2025
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