KSA clears Flynas for IPO: Saudi budget airline Flynas received approval from the Kingdom’s Capital Market Authority (CMA) to proceed with an IPO that will see it offer 51.26 mn shares, representing a 30% stake, according to a statement released late March. A prospectus for the offering is yet to be published.

We’ve been expecting it: Plans to go public this year were confirmed by the Kingdom Holding Company’s CEO Prince Al Waleed Bin Talal on the sidelines of the World Economic Forum. The airline had initially planned to make its market debut last year, having tapped Goldman Sachs, Morgan Stanley, and Saudi Fransi Capital for the offering in late 2023.

IN CONTEXT- The listing would be the Gulf's third airline IPO — and the first in nearly two decades — following UAE’s Air Arabia and Kuwait’s Jazeera Airways.

About Flynas: The low-budget airliner is a private equity-backed company, operating over 1.5k weekly flights, servicing 139 routes to connect 30 countries with a 61-aircraft fleet.

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