Saudi CMA Greenlights Rasan’s IPO
Founded in 2015 in Riyadh, Rasan has created and empowered brands like Tameeni, Awal Mazad, and other digital solution providers in the market.
The Capital Market Authority (CMA) has thumbed up for Rasan Information Technology Company's plan to list 22.740 million shares on the Saudi Stock Exchange, constituting 30% of the company's total share capital.[1]
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Investors can expect to find comprehensive details about Rasan Information Technology Company in the prospectus, which will be made available well in advance of the subscription period. This document will include crucial information such as the company's financial performance, operations, and management structure.
The CMA emphasizes the importance of thoroughly reviewing the prospectus before making any investment decisions, as it contains vital insights into the offering and associated risks.
From the date of the CMA Board's resolution, the approval will be valid for six months. Failure to complete the offering and listing within this timeframe will result in the automatic cancellation of the approval.
Rasan is a fintech company specializing in the insurance and banking technology sectors in the Gulf Region.
Impact46 led the company's latest $24 million fundraising round in November 2021, making it the most funded insurtech startup in the Middle East and North Africa.[2]
Founded in 2015 in Riyadh, Rasan has created brands like Tameeni and Awal Mazad.