flynas (XY, Riyadh) has hired financial consultants for a possible initial public offering (IPO) on the Saudi Exchange in Riyadh sometime in 2024, the low-cost carrier told Bloomberg News.

In a statement to the news agency in response to questions, the airline said it had engaged the financial services companies Goldman Sachs Group, Morgan Stanley, and Saudi Fransi Capital to work on the listing.

flynas is partly owned by billionaire Prince Alwaleed Bin Talal’s Kingdom Holding Company. Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, holds a 17% stake in the carrier and is reportedly looking to increase its shareholding.

flynas, formerly nasair (Saudi Arabia), has been considering going public since 2008, with the process advancing in 2016. It hired Morgan Stanley to advise on the share sale in late 2017 and then recruited Citigroup and NCB Capital for the planned offering in early 2018.

In June 2023, the budget carrier confirmed thirty A320-200N options, raising its total commitment for the neo narrowbodies to 120 units. According to the ch-aviation fleets module, its fleet currently consists of forty-six A320-200Ns, up from thirty-two six months ago (with a further 61 of the type on order), eight A320-200s, and four A330-300s. It also has ten A321-200NY(XLR)s on order.