Gibson Dunn advises on IPO of Flynas Company

Gibson Dunn advised Goldman Sachs Saudi Arabia, Morgan Stanley Saudi Arabia, BSF Capital, Al Rajhi Capital, anb Capital, Citigroup Saudi Arabia, and Emirates NBD Capital KSA in connection with the initial public offering (IPO) and listing of Flynas Company, one of the leading low-cost carriers in the Middle East and North Africa region, on the Main Market of the Saudi Exchange (Tadawul), marking the largest IPO this year to-date in Saudi Arabia.

The IPO garnered significant demand, with the institutional tranche oversubscribed approximately 100 times, attracting orders exceeding $109 billion from local and international investors. The IPO raised gross proceeds of approximately USD1.1 billion.

Flynas is the first airline to be listed on the Tadawul, and the first Gulf airline public offering in nearly two decades.

The Gibson Dunn team was led by partner Ibrahim Soumrany and included associates Omar Morsy, Gaith Aljundi, Vlad Zinovyev, Huw Thomas, Mostafa Mabrouk and Sara Almahayni. Partners Adam Smith and Chris Haynes, and counsel Thomas Barker also advised.