Saudi Arabia’s budget carrier, flynas, plans to sell a 30% stake in an initial public offering on the Tadawul stock exchange, the Kingdom’s Capital Market Authority said Friday. The IPO comes amid renewed investor interest in Gulf aviation and a broader push by Riyadh to boost private sector participation and non-oil revenues.
The prospectus will be published before the subscription period, according to the CMA. The offering would make flynas only the third publicly listed airline in the Gulf, after UAE-based Air Arabia and Kuwait’s Jazeera Airways.
Founded in 2007 as Nas Air, flynas operates a fleet of over 60 Airbus A320 and A330 aircraft, flying to more than 70 domestic and international destinations. The airline has set a target of 160 aircraft by 2030, in line with the country’s Vision 2030 economic diversification goals.
Flynas is backed by Kingdom Holding, the investment company founded by billionaire Prince Alwaleed bin Talal, and counts the Saudi Public Investment Fund (PIF) as an indirect stakeholder after it acquired 17% of Kingdom Holding in 2022.
In 2023, flynas reported revenues of SAR 6.3 billion ($1.68 billion), up 32% year-on-year, according to Argaam. The airline has remained profitable every year since 2015, excluding 2020 during the COVID-19 pandemic.
The IPO comes as Saudi Arabia accelerates efforts to transform into a regional tourism and logistics hub. The government is investing billions in aviation infrastructure and aims to attract 100 million tourists annually by 2030. A new national carrier, Riyadh Air, will begin operations in 2025, joining state-owned Saudia and its low-cost arm flyadeal.
Flynas’ listing will test investor appetite for aviation plays in the region as oil-rich Gulf states continue to deepen capital markets and reduce reliance on hydrocarbons.
