Dhaka, May 10 -- Saudi low-cost carrier Flynas has received regulatory approval to proceed with an initial public offering (IPO), under which it will offer 30pc of its share capital.

The approval was granted by Saudi Arabia's Capital Market Authority at the end of March, clearing the way for the airline to advance its listing plans.

The airline intends to sell 33.8 million existing shares and issue 17.4 million new shares, which will be available to individual and institutional investors.

Several current shareholders - among them Kingdom Holding Company and National Flight Services Company, and a number of investment firms - will be divesting stock as part of the IPO.

Flynas says the offer price will be determined at the end of a book...