The Clap
Rasan Information Technology Company aims to raise $224 million (841 million riyals) by listing its shares on the main Saudi stock market, Tadawul.
IPO
The local company announced the pricing range for its initial public offering (IPO) between 35 and 37 riyals per share.
It also revealed the commencement of building the institutional order book yesterday, which will continue until May 16.
The final price of the Rasan offering will be determined after the completion of the institutional order book process.
Individual subscriptions will begin from May 29 to May 30.
So What
Rasan plans to offer 22.74 million shares on Tadawul, representing 30% of the company’s shares, including 5.3 million new shares.
It is expected that 10% of the total offering will be allocated to individual investors.
Some Context
Established in 2016, Rasan will be among the first technology sector companies to offer their shares for public subscription in the Kingdom.
It’s known for operating platforms like “Tameeni,” which provides electronic car insurance brokerage services, medical insurance for small and medium enterprises, medical errors, and travel insurance.
In addition to “Treza” platform specializes in providing insurance document management services for leasing companies and banks.
Finally, Rasan recorded revenues of 256 million Saudi riyals last year, with a compound annual growth rate of 81% between 2020 and 2023.
