Flynas Sets 2024 IPO Date Amid Expansion Plans
flynas is also exploring the acquisition of 30 widebody aircraft to expand its network.
Saudi Arabia's low-cost carrier, flynas, has officially announced plans for an Initial Public Offering (IPO).
Bander Almohanna, CEO of Flynas, told Asharq Business in an interview that the IPO offering is slated for later this year. This announcement follows months of preparation and the engagement of financial institutions such as Goldman Sachs Group, Morgan Stanley, and Saudi Fransi Capital.
As part of its growth strategy, flynas is also exploring the acquisition of 30 widebody aircraft to expand its network. CEO Bander Almohanna disclosed the airline's issuance of a request for proposal to aircraft manufacturers during the Airline Economics conference in Riyadh. However, specific details regarding the aircraft models under consideration were not disclosed.
During the conference, flynas unveiled its financial performance for the first time, reporting a 32% year-on-year surge in revenue, hitting $1.68 billion in 2023.