Saudi Arabia’s Rasan Information Technology Co. has completed the book-building process for its initial public offering (IPO) on the Saudi Exchange (Tadawul).
The Saudi fintech has set the final IPO price at SAR 37 per share, at the top of its announced price range. The price implies a market value of around SAR 2.8 billion ($746.67 million) for Rasan, with the offering raising gross proceeds of SAR 841.4 million.
Rasan is offering 22.74 million shares in its IPO, representing a 30% stake.
The book-building process was 129 times oversubscribed, according to a filing submitted by Saudi Fransi Capital, the lead manager and a joint financial advisor, to Tadawul.
Rasan started operations in 2017 and had served 7.5 million customers in Saudi Arabia by the end of September last year. The company operates Tameeni and Treza and posted revenues of SAR 256 million in 2023.
The Saudi Exchange has seen a significant surge in listings over the last few years as it supports the country’s efforts to diversify the economy in line with Vision 2030. Rasan is the fourth Saudi company to announce an IPO in Q2 2-24, following Saudi Manpower Solutions Company (Smasco), Miahona Co., and Fakeeh Care Group.
