Saudi fintech Rasan to sell 30% stake in IPO

Saudi fintech Rasan to sell 30% stake in IPO

Saudi Arabia’s Rasan will be the first fintech to sell a 30 percent stake in an initial public offering (ipo) on the local stock exchange. The company will sell 22.7 million shares in the flotation, which includes 5.3 million new shares.  Book building for institutional investors will start on May 12 to 16, while bids […]Saudi Arabia’s Rasan will be the first fintech to sell a 30 percent stake in an initial public offering (IPO) on the local stock exchange.

The company will sell 22.7 million shares in the flotation, which includes 5.3 million new shares. 

Book building for institutional investors will start on May 12 to 16, while bids from retail investors will be accepted for two days beginning on May 29. The final price will be decided after the book-building process, with the shares slated for listing on the main market of the Saudi bourse.

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“Rasan’s transition into a publicly listed company allows us to unlock our full potential for innovation and development,” said Moayad Alfallaj, co-founder and CEO.

This strategic step will catalyse the evolution of the fintech and insurance tech sectors in the kingdom, driving innovation in line with the