RIYADH: Saudi Arabian budget airline flynas backed by billionaire Prince Alwaleed Bin Talal is planning to start a public share offering later this month, according to a prospectus released on Monday, in the first IPO of a Gulf airline in nearly two decades.
The company is offering 51.3 million shares, equal to a 30% stake, to investors, according to the prospectus, joining other firms in the kingdom in announcing listing plans despite market uncertainty linked to Washington’s tariff policies.
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The offering of shares is scheduled between May 28 and June 1, the document showed. Proceeds from the IPO will be used for expanding fleet, network and operational scope and general corporate purposes.