Saudi low-cost airline flynas has started the process to undertake an Initial Public Offering (IPO) in 2024.
According to Bloomberg, flynas has already hired investment banks Goldman Sachs Group and Morgan Stanley, as well as Fransi Capital of Saudi Arabia, to prepare for the company’s stock market listing during 2024.
This is not the first time that the Riyadh-based airline has toyed with the idea of a public listing. In 2008, the airline, then called Nas Air, hired Morgan Stanley, Citigroup Inc. and NCB Capital with the same purpose, though the move never materialized.
flynas is owned by Saudi billionaire Prince Alwaleed Bin Talal and it operates an all-Airbus 60 aircraft fleet, a mix of A320neos and ceos and A330s. It has another 120 aircraft on order with the European manufacturer (110 A320neo and 10 A321XLR aircraft).
On November 30, 2023, flynas also announced the signing of a Memorandum of Understanding (MoU) with EVE, the advanced air mobility arm of Embraer, to explore the roll-out of eVTOL operations in Riyadh and Jeddah, Saudi Arabia, by 2026.