Latest news with #PrinceAlwaleed
Al Arabiya
21-05-2025
- Business
- Al Arabiya
Saudi airline Flynas draws $109 bln in orders for IPO
Saudi Arabia's Flynas attracted about 410 billion riyals ($109 billion) in orders for its $1.1 billion initial public offering, underscoring strong investor appetite for Middle Eastern listings. The low-cost carrier priced its share sale at 80 riyals apiece, the top of the marketed range, implying a market capitalization of 13.7 billion riyals. The institutional tranche was nearly 100 times oversubscribed on strong local and international demand, according to a statement on Wednesday. With retail orders still to come, the final book is expected to be even larger. Flynas' planned listing on the Riyadh stock exchange will comprise a mix of new shares and stock offered by existing investors including Prince Alwaleed bin Talal's Kingdom Holding Co. and National Flight Services Co. The proceeds are earmarked for fleet expansion and the launch of additional operational hubs. A rebound in global stock prices is luring firms looking to go public off the sidelines after the worst of the tariff-induced market volatility appears to be over. In the Middle East, which has been a hub for new share sales over the past few years, a handful of companies have launched IPOs in recent weeks and garnered strong demand. Saudi hospital operator Specialized Medical Co.'s $500 million IPO sold out in hours, and cardboard manufacturer United Carton Industries Co. drew more than $20 billion in orders. Over in the United Arab Emirates, Dubai Holding attracted $15 billion in orders for the $584 million IPO of its residential real estate investment trust.
Zawya
21-05-2025
- Business
- Zawya
Saudi budget airline Flynas sets final price for IPO
Saudi Arabian budget airline Flynas has set the final price for its ongoing initial public offering (IPO) at 80 riyals ($21.33) per share, the top end of the price range. The offering will raise SAR 4.1 billion from the sale of 51.3 million shares, or 30% of share capital upon completion of the IPO. The book-building process for the institutional tranche is complete with a coverage of 99.8x, Saudi Fransi Capital, the lead manager said in a statement. Flynas, backed by Saudi billionaire Prince Alwaleed Bin Talal, is the first airline IPO in the region in nearly 20 years after the UAE's Air Arabia and Kuwait's Jazeera Airways. (Writing by Brinda Darasha; editing by Seban Scaria)
The National
12-05-2025
- Business
- The National
Saudi Arabia's Flynas aims to raise up to $1.1bn from its IPO
Saudi Arabia's low-cost airline Flynas aims to raise up to 4.1 billion Saudi riyals ($1.1 billion) from its initial public offering on the Tadawul stock exchange. Flynas, which has billionaire businessman Prince Alwaleed bin Talal as one of its main backers, is selling a 30 per cent stake, or 51.26 million shares, to investors through the public float. The company has set the IPO price range between 76 riyals and 80 riyals a share. The total offering is expected to be between 3.9 billion riyals and 4.1 billion riyals, implying a market capitalisation at listing of between 13 billion riyals and 13.7 billion riyals, the company said in a statement on Monday. The book building process for institutional investors, which began on Monday, will close on May 18. The company's IPO sold out in minutes after books opened amid strong demand from investors, according to a Bloomberg report. New shares represent 10.2 per cent of the company's total share capital upon completion. Up to 34 per cent of the IPO's net proceeds, resulting from the new shares, will be used by the company to finance its growth strategy and for general corporate purposes, it said. The listing of Flynas comes amid a surge in IPOs in Saudi Arabia and growing investor demand. The kingdom led the Gulf region in terms of volumes with 15 Tadawul IPOs and 27 Nomu listings last year, according to PwC. The companies raised more than $4.3 billion from the listings. Flynas, which began operations as Nas Air in 2007, currently serves 72 domestic and international destinations. The budget carrier will be the first airline to be listed in the Gulf in almost two decades. The region has a handful of publicly listed carriers, including the UAE's Air Arabia and Kuwait's Jazeera Airways. Abu Dhabi-based Etihad Airways has also said that it is working to become IPO-ready but the decision lies with its shareholders. Flynas reported a net profit of 434 million riyals last year, up from 401 million in 2023. Its revenue last year also rose by about 17 per cent to 7.5 billion riyals. The airline carried 10.9 million passengers in the first nine months of last year, up from 7.9 million during the same period in 2023. BSF Capital, Goldman Sachs Saudi Arabia, and Morgan Stanley Saudi Arabia have been appointed as joint-financial advisers and co-underwriters for the IPO.
Reuters
12-05-2025
- Business
- Reuters
Saudi airline flynas launches IPO to raise up to $1.1 billion
DUBAI, May 12 (Reuters) - Saudi Arabian budget airline flynas, backed by billionaire Prince Alwaleed Bin Talal, is seeking to raise up to 4.1 billion riyals ($1.1 billion) from an initial public offering in Riyadh, it said on Monday. The airline, which is selling a 30% stake to investors in the first IPO by a Gulf airline in almost 20 years, said the price range had been set at between 76 and 80 riyals per share, implying a market capitalisation of up to $3.6 billion. Saudi Arabia has targeted tourism as a key pillar of its domestic economic agenda to reduce reliance on oil revenue. The kingdom, which attracts tens of millions of religious pilgrims a year to holy Muslim sites in Mecca and Medina, has revamped its tourism industry to attract non-religious visitors. The listing would be only the third by a Gulf airline after the United Arab Emirates' Air Arabia ( opens new tab and Kuwait's Jazeera Airways ( opens new tab. The institutional book-building subscription period, which started on Monday, will close on May 18, flynas said, adding that 34% of net the IPO's net proceeds will be used to finance the airline's growth strategy and for general corporate purposes. Part of the remaining proceeds will be distributed to selling shareholders, which include Kingdom Holding Company, the investment company founded by Prince Alwaleed.
Zawya
12-05-2025
- Business
- Zawya
Saudi Arabia's flynas seeks to raise up to $1.1bln in IPO
DUBAI: Saudi Arabian budget airline flynas, backed by billionaire Prince Alwaleed Bin Talal, is seeking to raise up to 4.1 billion riyals ($1.1 billion) from an initial public offering in Riyadh, it said on Monday. The airline, which is selling a 30% stake to investors in the first IPO of Gulf airline in almost two decades, said in a statement the price range for the offering had been set at between 76 and 80 riyals per share, implying a market capitalisation of up to $ 3.6 billion. (Reporting by Federico Maccioni, Editing by Louise Heavens)
