BSF Capital says flynas IPO priced at SAR 80/shr

flynas aircraft

BSF Capital, the lead manager, financial advisor and underwriter for the initial public offering of Saudi budget airline flynas, announced the completion of the book-building process for the institutional tranche, with the final offer price set at SAR 80 per share — the upper limit of the price range.

In a Tadawul statement today, May 21, BSF Capital said the initial public offering (IPO) is expected to raise SAR 4.1 billion, valuing the Saudi-based airline at SAR 13.7 billion ahead of its listing on the Main Market (TASI).

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According to BSF Capital, the flynas’ IPO “generated tremendous interest...from a diverse base of blue-chip local, regional, and international investors.”

The institutional offering was 100x oversubscribed, attracting more than SAR 409 billion in orders. This marked the largest order book in the Saudi market in the recent period, “emphasizing investor confidence in the strength of flynas’ business model,” it added.

Salam AlKhunaizi, CEO and Board Member at BSF Capital, pointed out that the flynas’ IPO witnessed “unprecedented demand, interest that began in the pre-deal investor engagements and rapidly materialized into orders in the book.”

On his part, Bander AlMohanna, CEO and Managing Director of flynas, described the IPO as a “remarkable milestone” that underpins flynas’ market standing, the Saudi economy’s strength, and the Saudi capital market’s attractiveness.

Meanwhile, flynas’ retail offering will run from May 28 to June 1, securing 20% of the total shares on offer.

The statement noted that, alongside BSF Capital, both Morgan Stanley Saudi Arabia and Goldman Sachs Saudi Arabia were joint underwriters and financial advisors for the institutional subscription.

ANB Capital, Al Rajhi Capital, Emirates NBD Capital KSA, and Citigroup KSA were also joint bookrunners.