Saudi Arabian budget airline flynas is planning to raise up to 4.1 billion riyals, equivalent to $1.1 billion, through an initial public offering (IPO) in Riyadh. This announcement was made by the airline on Monday and signifies a significant move in the aviation sector, as it marks the first IPO of a Gulf airline in nearly two decades.

In the statement, flynas revealed that it intends to sell a 30% stake to investors. The price range for the shares has been set between 76 and 80 riyals each, which suggests that the airline could achieve a market capitalization of up to $3.6 billion. The backing from billionaire Prince Alwaleed Bin Talal further highlights the airline’s strong financial foundation and potential in the competitive airline market.