The Strategist

Saudi low-cost air carrier Flynas plans IPO in 2024

12/21/2023 - 09:18

According to Bloomberg, the Saudi low-cost airline Flynas hired Goldman Sachs Group Inc., Morgan Stanley, and Fransi Capital to help arrange its initial public offering (IPO), which is scheduled to take place in Riyadh early next year.

Anna Zvereva
Anna Zvereva
Kingdom Holding Co., owned by Saudi Prince Al Waleed bin Talal Al Saud, is one of Flynas's owners. Last year, the Public Investment Fund (PIF) of Saudi Arabia purchased 17% of Kingdom Holding.

In 2007, Flynas started flying flights under the Nas Air name. Since 2008, the company has been pondering going public, and in 2018, it even hired Western investment banks, such as Morgan Stanley and Citigroup Inc., to help set things up.

By 2030, Riyadh hopes to have doubled the number of foreign visitors, and it has launched Riyadh Air to take on regional leaders Emirates and Qatar Airways.