Reported 4 months ago
Saudi Arabia’s low-cost airline Flynas has completely sold its initial public offering (IPO) shares within minutes of their listing on the Riyadh stock exchange, raising $1.1 billion. The offering, which includes 51.2 million shares priced at approximately $20 to $21 each, comprises about 30% of the company’s total shares. Despite global market uncertainties, this marks a significant move for Flynas, the kingdom's only independent airline, as it aims to expand its operations and fleet. The IPO also positions Flynas as the first airline in the Gulf region to go public in the past 20 years.
Source: YAHOO