Dubai, United Arab Emirates (AP) – Saudi Arabia A budget airline rapidly sold all of its $1.1 billion shares during the initial public offering on the Riyadh Stock Exchange on Monday.
The airline, supported by billionaire Alwaleed bin Talal, is offering 51.2 million shares priced between $20 and $21, representing approximately 30% of the company’s total capital.
As per the company’s announcement, Freunas claims to be the only independent airline operating in the kingdom.
This public offering takes place against the backdrop of U.S. tariffs and persistent global economic uncertainties, along with declining oil prices that may hinder growth in the region.
The development follows media reports that Etihad Airlines in Abu Dhabi is also exploring IPO opportunities.
This IPO marks Flynas as the first airline in the Gulf Arab region to go public in the last two decades, comprising new shares alongside those from National Flight Services Co. and Alwaleed’s Kingdom Holding Co.
In the past year, Flynas reported revenues of $116 million, contributing to a total revenue of $2 billion. The airline is not the only Saudi firm looking to go public; others like United Carton Industries, a packaging firm, and Imena Group, a tech company, are also pursuing IPOs.
Source: apnews.com