Saudi Arabia’s low-cost carrier Flynas sells out all shares from initial public offering

DUBAI, United Arab Emirates (AP) — Saudi Arabia ’s low-cost carrier Flynas sold within minutes of opening all of the $1.1 billion in shares from its initial public offering on the Riyadh stock exchange on Monday.

The carrier, backed by billionaire Alwaleed bin Talal, is offering 51.2 million shares at around $20 to over $21 apiece, representing about 30% of the company’s share capital.

Flynas, which describes itself as the kingdom’s only independent airline, hopes to build out its fleet and expand its four bases, according to a statement from the company.

The move to go public comes despite worldwide market uncertainty fueled by U.S. tariffs and a continued downturn in oil prices that threatens to stifle growth in the kingdom.

The move comes after media reports that Abu Dhabi’s Etihad Airways is eyeing an IPO plan of its own.

The IPO, which would make Flynas the first carrier in the Gulf Arab region to go public over the past two decades, includes newly issued stocks, as well as shares from National Flight Services Co. and Alwaleed’s Kingdom Holding Co.

Flynas, which last year posted a profit of $116 million and $2 billion in revenues, is not the only Saudi firm that is looking to go public. Specialized Medical, which operates hospitals, the packaging company United Carton Industries, and tech company iMENA Group all have IPO plans underway.