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Saudi Arabian budget airline Flynas has set the final price for its ongoing initial public offering (IPO) at 80 riyals ($21.33) per share, the top end of the price range.
The offering will raise SAR 4.1 billion from the sale of 51.3 million shares, or 30% of share capital upon completion of the IPO.
The book-building process for the institutional tranche is complete with a coverage of 99.8x, Saudi Fransi Capital, the lead manager said in a statement.
Flynas, backed by Saudi billionaire Prince Alwaleed Bin Talal, is the first airline IPO in the region in nearly 20 years after the UAE’s Air Arabia and Kuwait’s Jazeera Airways.
(Writing by Brinda Darasha; editing by Seban Scaria)
