Saudi Flynas said to pick Morgan Stanley for IPO

09/11/2017 Argaam

 

Saudi budget airline Flynas has picked Morgan Stanley as a lead manager for its initial public offering (IPO), Reuters reported, citing unnamed sources.

 

Flynas is 34 percent-owned by Kingdom Holding Co. (KHC), the investment vehicle of Saudi billionaire Prince Alwaleed Bin Talal.

 

Chief executive officer, Paul Byrne had previously said that Flynas would likely seek the approval of the Capital Market Authority (CMA), the kingdom’s market regulator, on going public by mid-2017, data compiled by Argaam showed.

 

Earlier this year, the Saudi carrier finalized an order for 80 Airbus A3220neo planes valued at $8.6 billion, according to earlier news reports.

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