Flynas IPO Final Allotment and Market Response
Flynas IPO Closes with Strong Institutional and Retail Demand
Riyadh, Saudi Arabia – Flynas Company SJSC (“flynas”), the Saudi low-cost carrier under NAS Holding, wrapped up its IPO share allotment with overwhelming investor interest. The company priced its shares at SAR 80—the upper limit of the announced range—resulting in a market capitalization of SAR 13.6 billion (approximately USD 3.6 billion).
Institutional demand soared, with subscriptions nearly 100 times the available shares. In total, orders exceeded SAR 409 billion. This demonstrates investor confidence in the airline’s growth trajectory and operational strength.
Retail participation was equally robust. Flynas allocated 10,251,114 shares to individual investors, accounting for 20% of the offering. Each subscriber received at least 10 shares. Additionally, the remaining shares were distributed proportionally based on demand, yielding an average allotment rate of 12.3%.
Refunds of excess funds will be processed by Thursday, 5 June 2025.
Operational Metrics Drive IPO Appeal
Founded in 2007, Flynas operates one of the youngest fleets in the region. Its network includes more than 110 routes across 19 countries. In 2023, the airline held the top spot in domestic seat capacity and achieved a 90% on-time performance—ranking highest among Middle East carriers.
Last year, the company reported revenue of SAR 6 billion and achieved a net income of over SAR 300 million. Moreover, its adjusted EBITDA margin reached 26%. The fleet is set to expand to 250 aircraft as part of the Vision 2030 aviation strategy.
Listing on Tadawul Main Market Imminent
Flynas expects to debut on the Saudi Exchange Main Market after securing final regulatory approvals from the Capital Market Authority (CMA) and Tadawul. The listing date will be announced shortly.
For full IPO documents and timelines, visit the official IPO website.
The Saudi Standard’s View: A Marker of Market Maturity
Flynas’s IPO success signals more than just investor appetite—it marks a growing sophistication in the Saudi capital market. Oversubscription across institutional and retail tranches reflects confidence not only in the airline’s fundamentals but also in the regulatory and structural progress of Tadawul and the CMA.
The pricing at the top of the range, combined with disciplined allocation, suggests an increasingly efficient price discovery process. Moreover, flynas’s alignment with Vision 2030’s transport and tourism goals underscores how public listings are evolving from financial events to national strategy milestones.
As more companies enter the public arena, the Saudi market continues to deepen. Flynas’s offering sets a high standard for future IPOs in both execution and investor engagement.
