AI Summary
One of Flynas' aircraft
Shares of Saudi Arabian low-cost carrier flynas began trading on the main Tadawul All Share Index (TASI) today, June 18, under the symbol 4264 and ISIN code SA16AH822K19, priced at SAR 80 apiece.
The stock will be subject to a daily price fluctuation limit of ±30% and a static price fluctuation limit of ±10% for the first three trading days, Tadawul said in a statement.
flynas will be the seventh company to list on TASI this year, following the IPOs of Almoosa Health Co. on Jan. 7th, Nice One Beauty Digital Marketing Co. on Jan. 8th, Derayah Financial on March 10, Arabian Company for Agricultural & Industrial Investments (Entaj) on March 17, Umm Al Qura for Development and Construction Co. (Masar) on March 24, and United Carton Industries Co. (UCIC) on May 27.
Last year witnessed the listing of 13 companies, in addition to Alistithmar AREIC Diversified REIT Fund.
Listing flynas will bring the number of companies listed on Tadawul to 236, excluding the 19 listed real estate investment trusts (REITs).
The company offered 51.3 million shares, or 30% of its capital, 20% of which were allocated to retail investors and 80% to institutions.
The retail tranche was 349.7% oversubscribed, at a total value of SAR 2.9 billion. The institutional offering was nearly 100x covered, with orders of more than SAR 409 billion. The company allocated 10 shares minimum per individual subscriber. The remaining shares were allocated pro rata, at an allocation factor of 12.3%.
Riyadh-headquartered flynas is a Saudi joint stock company, established as a limited liability company (LLC) in 2010.
The airline is 37.1% owned by Kingdom Holding Co. (KHC), and operates domestic and international flights.
The company is considered the largest independent airline in the Kingdom in terms of revenue and passenger numbers. Its operations are focused on air transport, administrative services, and related support services.
According to its Articles of Association, flynas’ activities include passenger air transport, repair of transportation equipment (excluding motor vehicles), cargo handling, other transportation support activities, operating agency services, travel agency activities, and tour operator services.
The company operates through three main business segments: flynas Low-Cost Carrier, flynas Hajj and Umrah, and flynas General Aviation Services (NasJet).
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Company Profile |
|
|
Company |
flynas |
|
Core Activities |
Operating domestic and international flights |
|
Pre-IPO Capital |
SAR 1.53 bln |
|
Number of Shares |
153.43 mln |
|
Nominal Value |
SAR 10/share |
|
Post-IPO Capital |
SAR 1.7 bln |
|
New Number of Shares |
170.85 mln |
Shareholders of the Company
|
Shareholders |
Pre-Offering |
Post-Offering |
||
|
No. of Shares (mln) |
Ownership % |
No. of Shares (mln) |
Ownership % |
|
|
National Aviation Services Co. |
59.86 |
39.02% |
49.34 |
28.88% |
|
Kingdom Holding Co. |
56.88 |
37.08% |
46.88 |
27.44% |
|
Nasser Ibrahim Rashid Al Rashid |
13.53 |
8.82% |
11.15 |
6.53% |
|
Mawarid Investment Co. |
7.50 |
4.89% |
6.18 |
3.62% |
|
Hamza Bahi Adeen Al Kholi |
3.68 |
2.40% |
3.03 |
1.77% |
|
Saudi General Investment Trading and Services Co. |
1.84 |
1.20% |
1.52 |
0.89% |
|
Salman Mohammed Khalid Bin Hethlain |
1.25 |
0.82% |
1.03 |
0.60% |
|
Yousef Abdulsattar Qassem Al Maimani |
0.56 |
0.37% |
0.46 |
0.27% |
|
The Company – Treasury Shares |
8.32 |
5.42% |
-- |
-- |
|
Public |
-- |
-- |
51.26 |
30.00% |
|
Total* |
153.43 |
100% |
170.85 |
100% |
The company's major shareholders, each owning 5% or more of its shares indirectly, include Khalid bin Sultan bin Abdulaziz Al Saud, Alwaleed bin Talal bin Abdulaziz Al Saud, and the Public Investment Fund (PIF).
Indirect Shareholders of the Company
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Shareholders |
Pre-Offering |
Post-Offering |
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No. of Shares (mln) |
Ownership % |
No. of Shares (mln) |
Ownership % |
|
|
Khalid bin Sultan bin Abdulaziz Al Saud |
59.86 |
39.02% |
49.34 |
28.88% |
|
Alwaleed bin Talal bin Abdulaziz Al Saud |
44.45 |
28.97% |
36.63 |
21.44% |
|
PIF |
9.59 |
6.26% |
7.91 |
4.63% |
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