flynas Announces IPO on Saudi market

Riyadh, Saudi Arabia – flynas, a Saudi Arabian air carrier, has announced the launch of an initial public offering (IPO) ⁣of 51.26 million shares on the main Saudi market, Tadawul (TASI).

The offering represents ⁤33.4% of the companyS current capital before an increase. The current capital stands at 1,534.25 million riyals, divided into 153.43 million shares with a nominal value of 10 riyals per share.

Details ⁣of the IPO

The IPO will ⁤offer 51.26 million shares thru a combination‍ of:

• Selling 33.83 million existing shares.
• Issuing adn selling 17.43 million new ‍shares.

Upon completion of the offering, flynas’s capital will increase to 1,708.52 million riyals, divided into 170.85 million shares. The offered shares will constitute 30% of⁣ the company.

saudi Arabia’s Capital Market Authority approved⁢ the offering on March 28, 2025.The offering period is scheduled to begin Wednesday, May 28, and conclude on Sunday, June 1, 2025.

fleet Expansion and Strategy

flynas, ⁣with Kingdom Holding Company owning 37.1% ‍of the airline,operates flights within Saudi Arabia and to international destinations. The company has⁤ a confirmed ⁢order with Airbus for⁤ 195 narrow-body aircraft, including 159 A320neo and⁢ 36 A321NEO aircraft.

Additionally, ⁤flynas has an agreement⁣ with Airbus to purchase 30 A330NEO aircraft, with a confirmed order for 15 ⁤and a purchase option for 15 more. ⁢As of ‍Sept. 30, 2024, the airline had received 53 A320 narrow-body aircraft and anticipates receiving the remaining‍ 157 on order.

The airline aims to expand⁤ its fleet to become one of⁣ the largest operators in the Middle East and North Africa,increasing its A321NEO aircraft to approximately 36 to support its expansion strategy.

according to the IPO prospectus, flynas intends to use⁢ its A320neo aircraft to expand its ⁣network ‍within a 5- ⁤to 6-hour flight radius, covering destinations in Europe, ⁤West Asia, North/Central africa, and ‍the Indian subcontinent.

The addition of‍ A321NEO aircraft will extend the⁢ flight range to⁣ 7 or 8 hours, enabling the airline to add long-haul destinations‍ to its network, according to flynas.

flynas⁤ also plans to incorporate wide-body aircraft to serve long-term and high-demand markets,especially to ‍accommodate Hajj and Umrah travel ⁣to Southeast Asia,Morocco,West Africa,and parts of South Asia,exceeding‍ the range⁣ of A320Neo ‍and A321Neo aircraft. The wide-body aircraft will be⁣ A330NEO models.

Cargo Operations

Along with passenger services, flynas intends to develop its cargo operations by utilizing the available belly capacity of both narrow-body and wide-body aircraft.

flynas anticipates that leveraging ⁢existing aircraft in this ⁢manner⁢ will positively impact its financial results.‍ The ⁤airline will focus on partnerships with key operators ‍within its network and aims to build ⁣internal cargo sales capabilities to ⁣increase cargo volumes.

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