Investors have snapped up a 30% stake in Saudi low-cost carrier flynas (XY, Riyadh) within minutes of books opening in an initial public offering on May 12, 2025. The airline sold 51.26 million shares priced between SAR76 and SAR80 riyals (USD20.30-21.33) on Riyadh's Tadāwul Stock Exchange to raise approximately SAR4.1 billion (USD1.1 billion).

The IPO included both newly issued shares and stock sold by existing investors, who include billionaire Prince Alwaleed bin Talal’s Kingdom Holding Co. and National Flight Services Co. Proceeds from the sale of new shares will help fund the airline's fleet expansion and network growth, while proceeds from the sale of existing shares will go to the seller. The IPO is the first by a Gulf airline in almost two decades and implies a market capitalisation at listing of SAR13-13.7 billion (USD3.47-3.65 billion). The newly issued shares will represent 10.2% of the carrier’s total share capital on completion.

Announcing the IPO last week, CEO Bander Almohanna called it "a strategic step that will accelerate the execution of our growth ambitions and solidify our position as the leading low-cost carrier for short and medium-haul flights across the Middle East and North Africa by 2030."

flynas, which began operations as nasair (Saudi Arabia) in 2007, operates 71 aircraft to 74 airports in 34 countries. According to ch-aviation fleets data, its fleet includes four A320-200s, fifty-six A320-200Ns, and four A330-300s, with 153 aircraft on order. The network includes Saudi Arabia, the Middle East, South and Central Asia, Europe, and Northern Africa. flynas reported a net profit of SAR434 million (USD115.7 million) in 2024.

"We remain focused on strengthening our market share on key domestic routes while strategically expanding into underserved international markets," added Almohanna. "Our ambitious fleet expansion, including the addition of wide-body aircraft, will further support our growth across all key segments. With an all-Airbus fleet and a robust order book, we are well prepared to meet rising travel demand within, from, and to the Kingdom."

The flynas IPO precedes an expected USD1 billion Etihad Airways (EY, Abu Dhabi International) IPO in the coming months.