November 9, 2017 / 8:19 AM / in a year

Saudi budget airline Flynas picks Morgan Stanley for IPO-sources

DUBAI, Nov 9 (Reuters) - Saudi budget airline Flynas, partly owned by Saudi billionaire Prince Alwaleed Bin Talal’s firm, has selected Morgan Stanley to work on its initial public offering, sources familiar with the matter told Reuters on Thursday.

Flynas, which is 34 percent owned by Prince Alwaleed’s Kingdom Holding, earlier this year had made public its plans for a flotation.

Investment banks pitched for the role two weeks ago, and the decision came this week, according to two sources, declining to be named as the matter was not public. (Reporting by Hadeel Al Sayegh, Saeed Azhar and Alexander Cornwell; Additional reporting by Tom Arnold)

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