Flynas to Become First Saudi Airline Listed on Tadawul with 30% IPO

Saudi Arabia’s low-cost airline flynas has announced plans to offer 30 percent of its share capital in an initial public offering (IPO) on the Saudi Stock Exchange (Tadawul), making it the first airline in the Kingdom—and the first in the Gulf in nearly two decades—to go public.

The Capital Market Authority has approved the offering, which will include 51.26 million shares, comprising both newly issued stock and shares sold by existing shareholders. Institutional book-building is scheduled to begin on May 12, followed by retail subscriptions from May 28 to June 1. Trading will begin once the formal listing process is completed.

“This strategic move will propel us toward becoming the leading low-cost carrier in the MENA region for short and medium-haul markets by 2030,” said Bander Al-Mohanna, CEO and Managing Director of flynas. “Through this IPO, we are offering investors access to a unique and valuable asset in the rapidly growing KSA and GCC aviation sector.”

Flynas’ decision to go public comes amid a surge in IPO activity across the Middle East and North Africa. A recent EY report noted that regional IPOs raised $2.4 billion in the first quarter of 2025, more than doubling proceeds from the same period last year.

Established in 2007, flynas holds a 23 percent share of the domestic aviation market in Saudi Arabia. It operates a modern all-Airbus fleet with an average aircraft age of just 3.2 years and recorded an on-time performance rate of 88 percent in 2024.

The airline plans to use the IPO proceeds to support its ambitious expansion plans, including a major order for 225 Airbus aircraft, enhanced services for Hajj and Umrah pilgrims, and growth in cargo operations.

The offering follows a strong financial year for flynas, with 2024 revenue rising 19 percent to SR7.56 billion ($2.02 billion). Earnings before interest, taxes, depreciation, and amortization climbed 31 percent to SR2.18 billion, while net profit increased 8 percent to SR434 million. Passenger numbers also rose sharply, reaching 14.7 million—a 31 percent increase over the previous year.

As a key component of Saudi Arabia’s Vision 2030, flynas stands to benefit from the Kingdom’s broader aviation and tourism goals, which include handling 330 million passengers and attracting 120 million visitors annually by 2030.

“With our strategic positioning and expanding network, flynas is well-placed to capitalize on the Kingdom’s transformation into a global travel hub,” Al-Mohanna added.