Saudi airline flynas launches IPO to raise up to $1.1 billion By Reuters

Read Saudi airline flynas launches IPO to raise up to $1.1 billion By Reuters on WALY Radio

Saudi airline flynas launches IPO to raise up to $1.1 billion By Reuters

DUBAI (Reuters) - Saudi Arabian budget airline flynas, backed by billionaire Prince Alwaleed Bin Talal, is seeking to raise up to 4.1 billion riyals ($1.1 billion) from an initial public offering in Riyadh, it said on Monday.The airline, which is selling a 30% stake to investors in the first IPO by a Gulf airline in almost 20 years, said the price range had been set at between 76 and 80 riyals per share, implying a market capitalisation of up to $3.6 billion.Saudi Arabia has targeted tourism as a key pillar of its domestic economic agenda to reduce reliance on oil ..