Saudi Arabia's Flynas Falls In IPO Debut Amid Conflict Jitters
By and Leen Al-Rashdan
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Saudi Arabia's Flynas Co. fell in its Riyadh trading debut on Wednesday as the escalating conflict between Israel and Iran reverberates across regional equity markets and pressures airline stocks.
Shares in the low-cost carrier fell 5.6% to 75.50 riyals apiece, while Saudi Arabia's main exchange dropped 0.7% as of 10:03 a.m. The deal was priced at 80 riyals per share last month, the top end of the marketed range which valued the company at 13.7 billion riyals ($3.65 billion).
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