Flynas Seeks $1B in Riyadh IPO Amid MENA Surge

Saudi Arabian budget airline flynas plans to raise around $1 billion by offering 30% of its share capital—51.26 million shares—via an IPO on the Riyadh stock exchange, with shares coming from both new issuance and sales by existing shareholders, including Kingdom Holding Co. and National Flight Services Co. Institutional book-building will commence on May 12, followed by retail investor subscriptions from May 28 to June 1, with trading expected to begin after allocations and refunds in early June. The IPO, the first Gulf airline listing in almost twenty years and the first Saudi airline on Tadawul, will allow retail investors to purchase up to 20% of the floated shares. Flynas holds a 23% share of Saudi Arabia’s domestic air market and operates a young, all-Airbus fleet. The proceeds will support fleet and network expansion, aiming to position flynas as the MENA region’s leading low-cost carrier by 2030. The offering comes amid a surge in MENA IPO activity, with proceeds up 106% in early 2025.