Middle East's largest low-cost airline plans public offering
Saudi low-cost airline Flynas has announced its intention to conduct an IPO (Initial Public Offering) for investors from around the world. The offer will include 30% of its existing capital.
The sale of part of the shares was announced by the current shareholder, Kingdom Holding Co. fund belonging to Saudi Prince Alwaleed bin Talal.
Flynas will offer 51.26 million shares worth $1 billion, and the bookbuilding will last from May 12 to 18. The organizers and underwriters of the issue are global financial institutions Goldman Sachs, Morgan Stanley and BSF Capital.
Saudi Airlines has a fleet of 61 Airbus aircraft , which operate in the Middle East. There are more and more new destinations in Europe. From June 27, Flynas will operate a connection from Riyadh to Kraków-Balice Airport three times a week.
Last year, Flunas' revenues exceeded $2 billion , and net profit amounted to $116 million. With ambitious development plans, a few months ago an order was placed for 160 new narrow-body aircraft with Airbus.
Journalist, graduate of political science at the Faculty of Law and Administration of the Jagiellonian University. Associated with the media for over 40 years. After graduating in 1982, he worked in the editorial offices of "Gazeta Krakowska" and "Kurier Polski". Member of the editorial team of "Przegląd Techniczny". He published texts in "Student", "Przekrój", "Życie Literackie". Since the economic and political changes, for over 20 years associated with the Reuters agency as a correspondent in Krakow. For the next three years, he conducted practical classes with students at the Institute of Journalism, Media and Social Communication of the Jagiellonian University. Since December 2021, he has joined the PTWP Group and works on the WNP.PL portal. His main professional interests are economics and politics at the global level and the participation of Polish business in this, especially companies listed on the Warsaw Stock Exchange. Winner of the "Ostrego Pióra" award, granted for "spreading economic education" by the BCC, as well as the Golden Pear - a journalistic award of the Małopolska Branch of the Association of Journalists of the Republic of Poland.
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