flynas to make debut on TASI tomorrow

One of Flynas' aircraft

Shares of Saudi Arabian low-cost carrier flynas will begin trading on the Main Market (TASI) tomorrow, June 18, under the symbol 4264 and ISIN Code SA16AH822K19.
 
The stock will trade in the first three days with a daily price fluctuation limit of +/-30% and +/-10% static price fluctuation limits, Tadawul said in a statement.

For More IPOs

In a separate statement, the Securities Depository Center Co. (Edaa) deposited flynas’ subscribed securities into the accounts of eligible shareholders today, June 17.

The budget airline offered 51.3 million shares, or 30% of its SAR 1.70 billion capital, to the public. The offered shares represent 33.4% of flynas’ pre-increase capital, which amounts to SAR 1.53 billion, divided into 153.43 million shares at a nominal value of SAR 10 each, Argaam earlier reported.

The institutional offering was nearly 100x covered, with orders of more than SAR 409 billion.

The retail offering was almost 349.7% oversubscribed. The company allocated 10 shares minimum per individual subscriber. The remaining shares were allocated pro rata, at an allocation factor of 12.3%.