Saudi Arabia's Rasan Information Technology prices IPO at top of range

Saudi Arabian fintech firm Rasan Information Technology has priced its initial public offering on the local bourse at 37 riyals per share, at the top of its indicative price range, according to adviser Banque Saudi Fransi.

The company is offering 22.74 mln shares, representing a 30% stake. The final offer price implies a market value of around 2.8 billion riyals ($746.67 million) for Rasan, with the offering raising gross proceeds of 841.4 million riyals.

The Saudi Exchange, the largest and most liquid stock market in the Arab world, has seen a surge in listings over the last few years as part of broad plans to deepen capital markets, grow the private sector and attract investment.

Rasan Information Technology, which provides fintech and insurtech services, started operations in 2017 and had served 7.5 million customers in Saudi Arabia by the end of September last year.

It posted 256 million riyals in revenue and an adjusted core profit margin of 28% in 2023.

($1 = 3.7500 riyals)