KSA Fintech's $224 Million IPO Attract $29 Billion in Orders
Some companies have recently announced plans to list on the Riyadh bourse and have been met with a spike in investor demand.
Saudi IPOs have seen overwhelming investor interest, including the Saudi Manpower Solutions Company (Smasco) which garnered over $30 billion in orders earlier this month. At the same time, Dr. Soliman Abdel Kader Fakeeh Hospital Company, known as Fakeeh Care Group’s (FCG), IPO attracted $91 billion in orders, one of the highest figures for Saudi IPOs raising over $500 million, according to Bloomberg data.
Saudi Arabian Rasan Information Technology Co. has attracted significant investor interest for its initial public offering (IPO), amassing orders worth approximately $29 billion. The IPO was 129.1 times oversubscribed.
Priced at $9.87 per share, at the top end of the previously announced range, Rasan's IPO is set to raise $224 million.
The retail portion of Rasan’s IPO will open on May 29 for two days, while Saudi Manpower Solutions Co.'s retail offerings will be available on May 26 and 27.
Notably, Saudi Aramco's record IPO in 2019 drew $105.85 billion in orders from fund managers.