flynas issues prospectus to float 51.3M shares on TASI

One of Flynas' aircraft

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

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

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

Accordingly, its post-IPO capital will amount to SAR 1.70 billion, divided into 170.85 million shares, with the offered shares representing 30%.
 

The Capital Market Authority (CMA) had approved flynas’ IPO file on March 26.
 

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

Based in Saudi Arabia, flynas is 37.1% owned by Kingdom Holding Co. (KHC), operating domestic and international flights.
 

As of the date of the IPO 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 buying 30 wide-body A330neo aircraft.

The latter deal includes a firm order for 15 aircraft and an option to purchase an additional 15 jets of the same model. As of 30 September 2024, as many as 53 narrow-body A320s have been received, with the remaining 157 slated for receipt on a firm order basis.
 

Under its expansion strategy, flynas seeks to grow its planned fleet in a bid to stand among the largest operators of A320neo aircraft in the MENA region. It also aims to ramp up its A321neo aircraft orders to reach approximately 36 aircraft, contributing to its strategy for expanding its network and stations.
 

“Using the A320neo aircraft, the company plans to have its network within five to six 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 seven or eight hours flying distance and some long-haul destinations can be added to its network,” read the prospectus.
 

In addition, the company is planning to add a widebody fleet to cover long-haul and high-density markets to meet demands for religious travel (Hajj and Umrah) in 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.

flynas Company Prospectus