Saudi fintech firm Rasan owners seek up to $224 million in IPO

Rasan Information Technology Co. and its shareholders are seeking to raise up to 841 million riyals in one of the first initial public offerings by a fintech company in Saudi Arabia.

Saudi Fintech firm Rasan, its owners seek up to $224 million in IPO

The price range was set between 35 and 37 riyals per share, according to a statement on Sunday. Rasan is selling 5.3 million new shares in the Riyadh IPO, while its shareholders are offering 17.4 million shares. Insurance platform operator Tameeni will be valued at up to 841 million riyals in the offering. The bookbuilding for institutional investors will last until May 16th.

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Rasan is the fourth company to launch an IPO in Saudi Arabia in recent weeks. The Kingdom Stock Exchange expects the explosion of activity to continue, with more than 10 companies waiting in the wings, its chief executive said on Thursday.

Read more: Saudi Stock Exchange CEO Predicts Further IPO Blitzes

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The offers were well received by investors, demonstrating a continued appetite for selling shares in what has been a very busy IPO market in recent years. Hospital group Dr. Soliman Abdul Kader Fakeeh Hospital’s offering, which is tipped to be the kingdom’s biggest IPO of 2024, sold out in less than an hour. Water treatment company Miahona’s offering was covered 170 times by institutional investors.

The kingdom’s tech sector, however, has not seen many listings. Food delivery company Jahez’s heavily oversubscribed offering in late 2021 was an exception.

In addition to Rasan, buy-now-pay-later company Tabby and online cosmetics retailer Nice One are the tech companies eyeing IPOs, Bloomberg News reported. Like some of its Gulf countries, Saudi Arabia is seeking to diversify its stock exchange beyond the banks and industrial companies that have typically dominated it.

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Founded in 2016, Rasan is the kingdom’s largest insurance aggregator and operates platforms such as Tameeni and Treza. It reported revenue of 256 million riyals in 2023 and revenue of 46 million riyals.

Saudi Fransi Capital and Morgan Stanley are acting as financial advisors, joint bookrunners and underwriters for the IPO.

With assistance from Omar Tamo.

This article was generated from an automated news agency feed without modifications to the text.

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