RIYAD: Kingdom Holding Company (KHC), based in Saudi Arabia, is on track to secure the Capital Market Authority’s approval for the Flynas IPO, according to CEO Talal Al-Maiman.
Kingdom Holding is the largest shareholder in Flynas, the low-cost airline.
Speaking to Al Arabiya during an interview at Davos, Al-Maiman confirmed that the company is awaiting the regulator’s final nod for the listing, which will involve selling 30 per cent of Flynas’ capital. While he highlighted the airline’s profitability, specific financial details were not disclosed.
In April 2024, Bloomberg had reported that the airline had engaged Goldman Sachs Group, Morgan Stanley, and Saudi Fransi Capital to facilitate the Flynas IPO, which was expected to take place in 2024.
With 2024 now behind us, updates on the timeline are yet to be disclosed.
KHC, which increased its stake in Flynas (formerly Nas Air) to 37 per cent in 2019, is a key shareholder in the airline. The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, also holds a 17 per cent stake, underscoring the airline’s strategic role in the Kingdom’s aviation sector.
Flynas’ upcoming IPO is expected to support its growth ambitions while offering investors a chance to tap into the thriving low-cost aviation market in Saudi Arabia.
