flynas sets TASI IPO price range at SAR 76-80/shr

One of Flynas' aircraft

 Saudi Arabia’s budget airline flynas set the price range for its initial public offering (IPO) on the Main Market (TASI) between SAR 76 and SAR 80 per share, said in a statement on Tadawul.

The book-building process for participating parties will run from today, May 12, until May 18.

For More IPOs

According to data available on Argaam, the company intends to offer 51.26 million shares on TASI, representing 33.4% of the company's current capital, which stands at SAR 1.5 billion and is divided into 153.43 million shares, at a nominal value of SAR 10 each.

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 retail offering will run from May 28 to June 1. As many as 10.25 million shares, or 20% of the total shares on offer, will be allocated to individual investors.