Saudi Arabia’s Flynas, backed by billionaire Prince Alwaleed bin Talal, is considering seeking about $1 billion from its initial public offering, according to people familiar with the matter.
The low-cost carrier announced plans earlier this week to sell 51.26 million shares, representing 30% of its share capital. The IPO on the Riyadh exchange will include both newly issued shares and stock offered by existing shareholders — Alwaleed’s Kingdom Holding Co. and National Flight Services Co.
Discussions on the price range are ongoing and no final decisions have been made, the people said, requesting anonymity to discuss private information. The bookbuilding period is scheduled to run from May 12 to May 18.
Representatives for the airline declined to comment.
Flynas is among a small group of Middle Eastern firms pushing ahead with regional listings despite market volatility. Paper manufacturer United Carton Industries Co. is set to raise as much as $160 million, while hospital operator Specialized Medical Co. has also announced plans to go public.
Over in the United Arab Emirates, Dubai Holding intends to list a residential property portfolio as a real estate investment trust.
If successful, Flynas would become the first Gulf airline to go public in nearly two decades. The listing would also come ahead of a possible $1 billion offering from Etihad Airways PJSC.
The Saudi airline reported revenue of $2 billion in 2024, with a net profit of about $116 million. Goldman Sachs Group Inc., Morgan Stanley and BSF Capital are joint global coordinators on the share sale. Al Rajhi Capital, ANB Capital, Citigroup and Emirates NBD are joint bookrunners.
No comments:
Post a Comment