flynas issues prospectus to float 51.3M shares on TASI

Saudi Arabia’s budget airline flynas announced issuing its prospectus to offer 51.26 million shares on the Saudi Exchange (Tadawul).
 

The offered shares represent 33.4% of the company’s pre-increase capital, amounting to SAR 1.53 billion (153.4 million shares), at SAR 10 par value each.
 

 The airline’s IPO will be carried out through selling 33.83 million existing shares and issuing 17.43 million new shares.
 

The company’s post-IPO capital will amount to SAR 1.7 billion, divided into 170.85 million shares, of which the offered shares will represent 30%.
 

The Capital Market Authority approved the company’s IPO request on March 28, 2025.
 

The share sale will run from May 28 to June 1, 2025.
 

Flynas is a Saudi airline, 37.1% owned by Kingdom Holding Co. (KHC), operating domestic and international flights.
 

As of the date of the prospectus, the company has confirmed a firm purchase order with Airbus for 195 narrow-body aircraft, including 159 A320neo aircraft and 36 A321neo aircraft. In addition, it has concluded a separate aircraft purchase agreement with Airbus for the purchase of 30 wide-body A330neo aircraft. This agreement includes a firm order for 15 aircrafts and an option to purchase an additional 15 aircrafts of the same model. As of 30 September 2024G, 53 narrow-body A320 aircrafts have been received and the Company still expects to receive 157 remaining aircrafts on a firm order basis.
 

As part of this strategy, the company seeks to grow its planned fleet to become one of the largest operators of A320neo aircraft in the MENA; and upsize its A321neo aircraft order to approximately 36 aircrafts in order to achieve its strategy for expanding its network and stations.
 

Using the A320neo aircraft, the company plans to have its network within 5 to 6 hours flying distance in Europe, West Asia and Northern/Central Africa and the Indian sub-continent. Once the A321neo is part of the company’s fleet, it can extend its range further to 7 or 8 hours flying distance and some long haul destinations can be added to its network.
 

In addition, the company is planning to add a widebody fleet to cover long range and high-density markets to meet the demands of religious travel (Hajj and Umrah) in locations such as South-East Asia, Morocco, West Africa and parts of South Asia, which exceed the typical flight range of narrow body A320neo/A321neo aircraft and wide-body A330neo aircraft.