RIYADH: Saudi low-cost carrier flynas plans to float 30 percent of its share capital in an initial public offering on the Kingdom’s main stock market, becoming the country’s first airline to list on Tadawul.
The IPO, approved by the Capital Market Authority, will involve 51.26 million shares, including both newly issued shares and those offered by existing shareholders. Book-building for institutional investors is set to begin on May 12, with retail subscriptions to follow at the end of the month, the company said in a release.
Flynas will also become the first Gulf airline to go public in nearly two decades, reflecting renewed investor interest in the region’s fast-growing aviation sector and ongoing market liberalization.
The move comes amid a buoyant IPO environment in the Middle East and North Africa, where regional markets saw a surge in listings and capital-raising activity in early 2025. According to an EY report, 14 IPOs raised $2.4 billion in the first quarter — marking a 106 percent increase in proceeds compared to the same period in 2024.
Bander Al-Mohanna, CEO and managing director of flynas, said: “This strategic move will propel us toward becoming the leading low-cost carrier in the MENA region for short and medium-haul markets by 2030. Through this IPO, we are offering investors access to a unique and valuable asset in the rapidly growing KSA and GCC aviation sector.”
The company said the retail subscriptions for flynas shares will run from May 28 to June 1, following institutional book-building. Share allocation and refunds are scheduled for early June, with trading expected to commence after formal listing procedures are complete.
Flynas, which launched in 2007, holds a 23 percent share of ’s domestic aviation market and operates one of the youngest fleets in the region, with an average aircraft age of 3.2 years. The airline reported an on-time performance rate of 88 percent in 2024.
The carrier plans to use proceeds from the IPO to expand its fleet — including a major order for 225 Airbus aircraft — enhance services for Hajj and Umrah travelers, and invest in cargo operations.
“With an all-Airbus fleet and a significant orderbook, we are poised to meet the increasing air travel demand within, to, and from the Kingdom, supported by our strategic bases in the Kingdom’s busiest international airports,” said Al-Mohanna.
The offering comes on the back of record financial results in 2024, with flynas reporting revenue of SR7.56 billion ($2.02 billion), a 19 percent year-on-year increase, while earnings before interest, taxes, depreciation, and amortization rose 31 percent to SR2.18 billion.
Net profit reached SR434 million, up 8 percent from the previous year. The airline’s operational efficiency and expanding network contributed to these results, with passenger numbers growing by 31 percent to 14.7 million in 2024.
The airline is a key beneficiary of ’s Vision 2030, which aims to transform the Kingdom into a global aviation and tourism hub. Targets include 330 million passengers and 120 million visitors by 2030.
“As a leading pan-regional LCC, we are well-positioned to benefit from the robust demand driven by ’s aviation and tourism strategy, as well as the strong growth in passenger traffic across the GCC and MENA markets,” Al-Mohanna added.
