Saudi Arabia’s low-cost carrier Flynas sells out all shares from initial public offering

Saudi Arabia ’s low-cost carrier Flynas sold within minutes of opening all of the $1.1 billion in shares from its initial public offering on the Riyadh stock exchange on Monday. The carrier, backed by billionaire Alwaleed bin Talal, is offering 51.2 million shares at around $20 to over $21 apiece, representing about 30% of the company’s share capital. Flynas, which describes itself as the kingdom’s only independent airline, hopes to build out its fleet and expand its four bases, according to a statement from the company.