{"id":96956,"date":"2025-05-13T00:00:00","date_gmt":"2025-05-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/05\/13\/flynas-sets-ipo-price-range-at-sar-76-80-per-share\/"},"modified":"2025-05-13T00:00:00","modified_gmt":"2025-05-13T00:00:00","slug":"flynas-sets-ipo-price-range-at-sar-76-80-per-share","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/05\/13\/flynas-sets-ipo-price-range-at-sar-76-80-per-share\/","title":{"rendered":"Flynas sets IPO price range at SAR 76-80 per share"},"content":{"rendered":"

<\/strong>Low-cost carrier Flynas saw its IPO fully covered within minutes of <\/strong>opening the<\/strong> bookbuilding process<\/strong>, signaling strong investor appetite for Saudi equities \u2014 even as global markets wobble, Bloomberg<\/a> reports, citing terms it says it had seen. Flynas is offloading 51.26 mn shares<\/a> at SAR 76-80 apiece, according to a statement by the airline (pdf)<\/a>.<\/p>\n

Market cap + proceeds:<\/strong> At the top of the range, the company could raise up to USD 4.1 bn, and it would give it a market cap of up to SAR 13.7 bn at listing.<\/p>\n

Where will the money go? <\/strong>Net proceeds of two share blocks \u2014 8.32 mn treasury shares (5.42% of the company) and 3.95 mn existing shares (2.58%) \u2014 will go to fund the company\u2019s employee incentive program. The remainder of the 33.83 mn existing shares (excluding the 3.95 mn earmarked for employee incentives) will be shared among the selling shareholders based on their ownership stakes. The two blocks comprise a total of 66% of net proceeds.<\/p>\n

MEANWHILE- Proceeds from newly issued shares<\/strong> \u2014 34% of net proceeds \u2014 will go to the company to help fund its growth plans and general business needs.<\/p>\n

Why it matters:<\/strong> If successful, Flynas would be the first Gulf airline to go public in nearly two decades \u2014 ahead of a much-anticipated IPO by Etihad Airways, expected to hit the Abu Dhabi Exchange later this year. Proceeds from the listing will help Flynas expand its fleet and roll out new hubs across the kingdom.<\/p>\n

What\u2019s next: <\/strong>Bookbuilding for institutional investors wraps on 18 May. The retail tranche will follow shortly after.<\/p>\n

ADVISORS- <\/strong>Goldman Sachs Saudi Arabia, BSF Capital, and Morgan Stanley Saudi Arabia are joint financial advisors and underwriters. BSF Capital is also serving as lead manager. Bookrunners include Emirates NBD Capital KSA, Goldman Sachs Saudi Arabia, Al Rajhi Capital, BSF Capital, Citigroup Saudi Arabia, ANB capital, and Morgan Stanley Saudi Arabia. Receiving agents include BSF Capital, Al Rajhi Capital, SNB Capital, and Riyad Capital, among others.<\/p>\n

OTHER IPOS IN THE PIPELINE-<\/strong><\/p>\n