Saudi Fintech Rasan to Initiate IPO This May
Founded in 2015 in Riyadh, Rasan has created brands like Tameeni and Awal Mazad.
Saudi Arabian Rasan Information Technology Co. has announced its intention to offer a 30% stake in an Initial Public Offering (IPO). The company aims to list its shares on Riyadh's Tadawul exchange.[1]
The IPO will see the company and its investors collectively offering 22.7 million shares, including the issuance of 5.3 million new shares. The offering will undergo a book-building process tailored for institutional investors, scheduled to commence on May 12th and conclude on May 16th. Retail investors will then have the opportunity to participate in the bidding process from May 29th to May 30th.
After the book-building phase, the selling shareholders will decide on the final pricing of the offered shares. Rasan has enlisted Morgan Stanley and Saudi Fransi Capital as joint financial advisers, bookrunners, and underwriters. The receiving banks for the IPO include Saudi Banque Fransi and AlRajhi Bank.
In the second quarter (Q2) of 2024, Rasan is set to become the fourth Saudi firm to announce its IPO. The other three are Fakeeh Care Group, Miahona Co., a water treatment company, and Saudi Manpower Solutions Company (Smasco).
In March, The Capital Market Authority (CMA) thumbed up for Rasan Information Technology Company's IPO.
Rasan is a fintech company specializing in the insurance and banking technology sectors in the Gulf Region. Founded in 2015 in Riyadh, Rasan has created brands like Tameeni and Awal Mazad.