Saudi Arabia’s Flynas, backed by billionaire Prince Alwaleed Bin Talal, hired Goldman Sachs Group Inc., Morgan Stanley and Saudi Fransi Capital for a potential initial public offering in Riyadh.
The low-cost airline could go public as soon as next year, according to a statement from the company in response to questions from Bloomberg.
Goldman Sachs and Morgan Stanley declined to comment. Saudi Fransi didn’t respond to a request for comment.
Saudi Arabia’s sovereign wealth fund had been in talks to buy a stake in Flynas, Bloomberg News reported in April. The airline is partly owned by Prince Alwaleed’s Kingdom Holding Co., in which the Public Investment Fund bought a 17% stake last year.
The airline, which began operations as Nas Air in 2007, has been weighing a share sale since 2008. It hired Morgan Stanley, Citigroup Inc. and NCB Capital for a potential deal in 2018, Bloomberg News reported at the time.
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