Prince Alwaleed-Backed Flynas Defies Volatility With Saudi IPO

Saudi Arabia’s Flynas, backed by billionaire Prince Alwaleed bin Talal, is pressing ahead with its initial public offering, defying market volatility as it aims to become the first Gulf airline to list in nearly two decades.

The low-cost carrier plans to offer about 17 million new shares and 8 million treasury shares, while existing shareholders are offering 25.5 million, according to a statement on Monday. Selling shareholders include Alwaleed’s Kingdom Holding Co. and National Flight Services Company. The total offer amounts to about 30% of Flynas’ share capital.

The bookbuilding period is set to run from May 12 to ...