flynas shares fall 3% in 1st TASI trading session

Logo of flynas 

Saudi budget carrier flynas Co.’s shares began trading today, June 18, between SAR 69.90-84.10, compared to a listing price of SAR 80.

The stock closed at SAR 77.30, down 3% against the listing price in its first trading session on TASI.

The stock witnessed active trading on 28 million shares worth nearly SAR 2.2 billion through about 123,000 transactions.

The stock began trading on the Main Market (TASI) today under the symbol 4264 and ISIN code SA16AH822K19.

The stock bears daily and static price fluctuation limits of ±30% and ±10%, respectively, for the first three trading days. From the fourth trading day onwards, the daily price fluctuation limits will revert to ±10% and the static price fluctuation limit will no longer apply.

The low-cost airline had floated 51.3 million shares, representing 30% of its capital, with 20% allocated to retail investors and 80% to institutions.

The institutional offering was nearly 100x covered, with orders exceeding SAR 409 billion. Meanwhile, the retail tranche was 349.7% oversubscribed, at a total value of SAR 2.9 billion.

A minimum of 10 shares were allotted per individual subscriber. Rump shares were allocated pro rata at an allocation factor of 12.3%.