{"id":97283,"date":"2025-05-22T00:00:00","date_gmt":"2025-05-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/05\/22\/flynas-to-lock-in-sar-4-1-bn-in-ipo-proceeds-amid-massive-investor-demand\/"},"modified":"2025-05-22T00:00:00","modified_gmt":"2025-05-22T00:00:00","slug":"flynas-to-lock-in-sar-4-1-bn-in-ipo-proceeds-amid-massive-investor-demand","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/05\/22\/flynas-to-lock-in-sar-4-1-bn-in-ipo-proceeds-amid-massive-investor-demand\/","title":{"rendered":"Flynas to lock in SAR 4.1 bn in IPO proceeds amid massive investor demand"},"content":{"rendered":"

<\/strong>Budget air carrier Flynas priced its IPO at SAR 80 per share<\/strong> \u2014 the top of the range it was<\/a>guiding on<\/a> \u2014 after attracting some SAR 409 bn in orders from local and international investors, according to a press release (pdf)<\/a>. The institutional tranche of the offering, which sold out within minutes of opening, was 100x oversubscribed.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Proceeds + market cap: <\/strong>The final offer price sets the company up to lock in SAR 4.1 bn in IPO proceeds, implying a market cap of SAR 13.7 bn at listing. The story was also picked up by Bloomberg<\/a>. <\/p>\n

REFRESHER- <\/strong>The PIF-backed airline is taking a 30% stake<\/a> to Tadawul\u2019s main market in what is on track to be the region\u2019s first IPO of a major GCC airline since 2008, and only the third-ever carrier to list after Air Arabia and Jazeera Airways, beating Abu Dhabi\u2019s Etihad Airways<\/a> to market. <\/p>\n

What\u2019s next? <\/strong>Some 20% of the shares on offer will be open to individual investors provided there is sufficient demand. Retail subscription is due to open on Wednesday, 28 May and close on Sunday, 1 June. The final allocation of shares is slated for Tuesday, 3 June. <\/p>\n

Use of proceeds:<\/strong> Proceeds from newly issued shares \u2014 representing 34% of net proceeds \u2014 will go to the company to help fund its growth plans and general business needs. The remaining 66% will be split between the selling shareholders, and the company\u2019s employee incentive program.<\/p>\n

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

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