Saudi Arabia’s Flynas, backed by billionaire Prince Alwaleed Bin Talal, has hired Goldman Sachs Group Inc., Morgan Stanley and Saudi Fransi Capital for a potential initial public offering in Riyadh, according to a report in Bloomberg.
The low-cost airline could go public as soon as next year, according to a statement from the company.
Flynas recently announced the delivery of five A320neo aircraft to upscale Flynas’ all-Airbus fleet to 56 aircraft, reflecting a growth of more than 100% in the last two years. The company’s recent moves put it in line with the Saudi national strategy of civil aviation to reach 330 million passengers and 100 million tourists and increase the international destinations linked with the KSA to more than 250 by 2030.
Saudi Arabia’s sovereign wealth fund had been in talks to buy a stake in Flynas, Bloomberg News reported in April.
The airline is partly owned by Prince Alwaleed’s Kingdom Holding Co., in which the Public Investment Fund bought a 17% stake last year.
