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Fintech company Rasan from Saudi Arabia announces plans for a $224 million IPO, aiming for a valuation of $748 million following the public offering.

Saudi fintech company Rasan aims to gather $224.3 million through its initial public offering (IPO) on Tadawul, marking the first time a Saudi startup will list on the exchange. The startup has set its share price range for the offering at 35 to 37 Saudi riyals, as revealed on Sunday. Reaching...

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Saudi fintech Rasan set to secure $224 million during IPO, resulting in a valuation of $748 million
Saudi fintech Rasan set to secure $224 million during IPO, resulting in a valuation of $748 million

Fintech company Rasan from Saudi Arabia announces plans for a $224 million IPO, aiming for a valuation of $748 million following the public offering.

Rasan Information Technology Makes History with Tadawul Listing

Rasan Information Technology, a Saudi Arabian fintech company, has made history by becoming the first Saudi startup to list on Tadawul, Saudi Arabia's stock exchange. The company's Initial Public Offering (IPO) was valued at a significant SAR 841 million, earning the title of "IPO of the Year" [1].

The successful IPO is a testament to the maturing Saudi Arabian startup ecosystem and its increasing integration into traditional capital markets. The SAR 841 million market capitalization at listing underscores substantial investor confidence in the fintech sector and Rasan's business model.

The impact of Rasan's IPO on the MENA tech sector is considerable. It signals growing institutional and public investor appetite for tech startups in the region, encourages more startups to consider public listings, and enhances the visibility of Saudi Arabia as a tech investment hub.

Rasan's fintech platform, Tameeni, operates as the largest online insurance aggregator in the Kingdom of Saudi Arabia. Tameeni allows users to compare, buy, or renew insurance for vehicles, health, or travel, providing a convenient and efficient service [2].

The funding round for Rasan was led by Saudi VC Impact46's growth fund, making the firm the largest shareholder in Rasan. With the startup's public listing, Impact46 is set to have a significant payday [3].

If Rasan reaches the top of its price range, it will have a market cap close to $750 million when it goes public, making it one of the highest-valued technology firms in the Middle East & North Africa. The company is selling 22.7 million shares in the public listing, with 17.4 million being existing shares and 5.3 million being newly issued shares. The initial public offering (IPO) price range for Rasan's shares is SAR 35-37 per share [4].

Retail investors will have the opportunity to bid on Rasan's shares on May 29 and 30, marking a significant moment for the Saudi Arabian startup scene [5]. The Rasan IPO aligns with national efforts to solidify the Kingdom's role as a leading tech and innovation center in MENA through both private and public market developments [6].

In addition to its online insurance platform, Rasan also manages a few other online platforms for insurance and vehicle maintenance [7]. This diversified portfolio underscores the company's commitment to innovation and growth in the fintech sector.

References:

  1. Arab News
  2. Tameeni
  3. Impact46
  4. Reuters
  5. Bloomberg
  6. Saudi Gazette
  7. TechCrunch

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