Flynas looks to IPO next year: Saudi low cost carrier Flynas has hired Goldman Sachs, Morgan Stanley, and Saudi Fransi Capital for an upcoming IPO, with plans to go public as soon as next year, Bloomberg reports.

PIF has been eyeing a stake in the budget carrier:Saudi sovereign wealth Public Investment Fund was in talks to buy a stake in the airline in April, Bloomberg had reported separately, after nabbing a 17% stake last year in Kingdom Holding which is a part owner of the carrier. Flynas is set to benefit from the Kingdom’s drive to boost its aviation and tourism sectors, Bloomberg said.

A share sale has been on the cards for a while:The airline also hired Morgan Stanley, Citigroup and NBC Capital years ago for a potential share sale in 2018, Bloomberg News reported at the time.

KSA’s logistics sector saw a major IPO earlier this year:SAL Saudi Logistics Servicesraised USD 678 mn in an IPO in November after stakeholders SaudiaAirlines and Tarabot Air Cargo Services jointly listed a 30% stake of the company on Saudi exchange Tadawul.

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