From Yahoo Finance: 2025-05-12 06:00:00

Saudi Arabia’s low-cost carrier Flynas quickly sold $1.1 billion in shares from its IPO on Monday. The airline offered 51.2 million shares at $20 to $21 each, representing 30% of the company. Flynas aims to expand its fleet and bases despite global market uncertainty and declining oil prices.

Flynas becomes the first carrier in the Gulf Arab region to go public in two decades. The IPO includes new and existing shares from National Flight Services Co. and Alwaleed’s Kingdom Holding Co. The airline reported a $116 million profit and $2 billion in revenue last year.

Reports suggest Abu Dhabi’s Etihad Airways is also considering an IPO. Other Saudi firms like Specialized Medical, United Carton Industries, and iMENA Group are planning to go public. Flynas’ move to go public comes amid market uncertainty and oil price concerns.

Read more: Saudi Arabia’s low-cost carrier Flynas sells out all shares from initial public offering