flynas IPO

“Inspiring modern travelers with seamless, affordable, and unforgettable experiences.”

About flynas

Established in Saudi Arabia in 2007, flynas is a market-leading low-cost carrier in MENA for the short and medium haul market. It aspires to connect the world to the Kingdom by innovatively providing its travelers with the best on offer in terms of fleet, services, and destinations. flynas operates an all-Airbus fleet of 61 aircraft from its four bases in Riyadh, Jeddah, Dammam and Madinah.

The Company connects 72 destinations (16 of which are domestic and 56 international) as of 9M 2024G. Additionally, flynas offers access to 128 destinations through codeshare and interline arrangements with international full-service carriers.

flynas has the largest fleet among Saudi LCCs, with 61 aircraft and a firm order book of 225. In 9M 2024G, flynas carried 10.9 million passengers, operating 1,861 weekly flights and had a seat occupancy rate of 85.2%.

Message from the Leadership

Ayed Al Jeaid

"We are pleased to announce that flynas intends to offer its shares to the public through an initial public offering (IPO) — a strategic step that will accelerate the execution of our growth ambitions and solidify our position as the leading low-cost carrier for short- and medium-haul flights across the Middle East and North Africa by 2030.

This IPO offers investors the opportunity to participate in the growth journey of a high-value airline operating within one of the world’s fastest-growing aviation markets — the Kingdom of Saudi Arabia and the GCC. It also highlights the remarkable transformation flynas has undergone since its founding in 2010.

As the only independent airline in Saudi Arabia and the leading low-cost carrier in the region, we are uniquely positioned to benefit from the strong demand driven by the Kingdom’s aviation and tourism strategies, as well as the continued expansion of passenger traffic across the GCC and MENA markets. We remain focused on strengthening our market share on key domestic routes while strategically expanding into underserved international markets.

The Hajj and Umrah segment is a cornerstone of our strategy, and we are well-positioned to serve the growing demand for religious travel to the holy cities of Makkah and Madinah — supported by our regional leadership and operational flexibility.

Our ambitious fleet expansion — including the addition of wide-body aircraft — will further support our growth across all key segments. With an all-Airbus fleet and a robust order book, we are well prepared to meet rising travel demand within, from, and to the Kingdom, supported by our strategic presence at the busiest international airports in Saudi Arabia.

As we move toward becoming the first airline to be listed on the Saudi Stock Exchange, we are excited to welcome new shareholders to flynas’ ambitious journey.

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Bander Almohanna

Chief Executive Officer & Managing Director

flynas In Numbers

72 number
of destinations
  • 10.9M passengers in 9M 2024G
  • 7.9M passengers in 9M 2023G

16

domestic 9M 2024

56

international 9M 2024

87%

of fleet features CFM-Leap powered engines – 9M 2024

61
fleet size 9M 2024

225

aircraft on firm order book – 9M 2024

30 Aircraft A330neo

New agreement with Airbus for 30 A330neo wide-body aircraft

130 aircraft A320neo

Additional order in process for 130 A320neo narrow-body aircraft

88% on-time performance

88% in 9M 2024, 83% in 9M 2023G

7.5bn

2024G Revenue

2.2bn

2024G EBITDA

434m

2024G Net Profit

6.4bn

2023G Revenue

1.7bn

2023G EBITDA

401m

2023G Net Profit

Investment Highlights

Key IPO Figures

51,255,568

Total number of Ordinary Shares of Offer

17,426,893

Number of New Ordinary Shares on Offer

33,828,675

Number of Existing Ordinary Shares on Offer

30%

Of Share Capital post Offering

Saudi Exchange – Main Market

Listing Destination

Primary & Secondary

Type of IPO

80% / 20%

% offering allocation between Institutional Investors / Retail Investors

IPO Timeline

Intention to Float

Price Range and Institutional Book Building Starts

Institutional Book Building Ends

Retail Subscription Opens

Retail Subscription Closes

Final Allocation

Refunds

First Day of Trading

Key Documents

Title Download
Intention to Float Announcement
International Offering Memorandum (IOM)
Prospectus
Factsheet
Price Range Announcement
Pricing Announcement
Final Allocation Announcement
Listing and Commencement of Trading

FAQs

The shares will be listed on Main Market of the Saudi Exchange.

Subscription to the offer shares is restricted to the following two groups of investors: (1) Qualified Investors (any investor who is approved by the Saudi Capital Market Authority) and (2) Individual Investors (Saudi Arabian nationals, GCC nationals and foreign residents in Saudi Arabia, with an active bank account with one of the participating banks).

Please refer to the 'How to Subscribe' section on this page for more information

The Offering’s final price will be set after the book-building period is complete.

Please refer to the ‘IPO Timeline’ section on this page for details.

There will be no implementation of a lock-up period or restriction on the sale of shares for subscribers following the listing.

Contact Us

For investor-related inquiries: [email protected]

For media inquiries: [email protected]