Saudi Arabia’s flynas raises $1.1 billion in landmark IPO, marking Gulf aviation’s first listing in nearly 20 years

Saudi Arabia’s low-cost airline flynas has raised approximately SAR4.1 billion (USD1.1 billion) in a heavily oversubscribed initial public offering (IPO) beginning of this week, in what marks the first Gulf airline listing in nearly two decades. The offering saw 51.26 million shares — representing a 30% stake in the carrier — snapped up within minutes of the books opening on the Tadāwul Stock Exchange.

Shares were priced between SAR76 and SAR80 (USD20.30–21.33), implying a total market capitalization of between SAR13 billion and SAR13.7 billion (USD3.47–3.65 billion) at listing. Of the shares sold, 10.2% are newly issued, while the remainder were offered by existing shareholders including Kingdom Holding Company, led by Prince Alwaleed bin Talal, and National Flight Services Co. Proceeds from the newly issued shares will be directed toward fleet expansion and network growth — core to the airline’s Vision 2030-aligned ambitions. Existing shareholder proceeds will return to the sellers.

“This IPO is 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,” said CEO Bander Almohanna.

Founded in 2007 as nasair, flynas currently operates a 71-strong all-Airbus fleet, including A320-200s, A320neo jets, and A330-300s, serving 74 airports across 34 countries. The carrier has a robust order book of 153 aircraft as it prepares for a wider regional push, including underserved international markets. In 2024, flynas reported a net profit of SAR434 million (USD115.7 million).

“Our ambitious fleet expansion, including the addition of wide-body aircraft, will further support our growth across all key segments,” Almohanna added. “We remain focused on strengthening our market share on key domestic routes while strategically expanding our international footprint.”

The flynas IPO arrives at a time of growing investor appetite for aviation in the Middle East, as regional carriers capitalize on surging demand post-COVID and governments push for air connectivity as a key economic pillar. It also sets the stage for a wave of aviation listings, with Abu Dhabi’s Etihad Airways expected to pursue its own USD1 billion IPO later this year.