Saudi FinTech Leader Rasan Announces Initial Public Offering on Main Market

Rasan Information Technology Company, a prominent FinTech and InsurTech service provider in Saudi Arabia, announced its intention to proceed with an initial public offering (IPO) on the Saudi Exchange's Main Market. This move signifies Rasan's plans for expansion and capitalizes on the growing FinTech market in the Kingdom.

The IPO will involve offering 22, 740, 000 ordinary shares, representing 30% of the company's issued share capital after a capital increase. Existing shareholders will sell 17, 440, 000 shares (23% of the total), while the remaining 5, 300, 000 shares (7%) will be newly issued.

Proceeds from the offering, after deducting IPO-related expenses, will be distributed to selling shareholders and the company itself. The company's portion will be used to bolster current operations, develop new products, and achieve its overall growth objectives.

The offering caters to both individual and institutional investors, with a maximum of 10% (2, 274, 000 shares) allocated for individual subscriptions. The final price per share will be determined after a book-building process involving the selling shareholders, the company, and financial advisors.

Rasan positions itself as a key player in Saudi Arabia's FinTech landscape, crediting its success to factors like continuous technological innovation, a large and growing target market, strong partnerships, and a robust financial model. The company leverages the favorable conditions brought about by Saudi Arabia's Vision 2030 and the Financial Sector Development Program (FSDP).

Rasan boasts a portfolio of successful ventures, including InsurTech companies like Tameeni, which provides insurance aggregation services, and FinTech companies like Treza, a solution for managing insurance policies, and Awal Mazad, a comprehensive car auction platform.

The company emphasizes its strategic advantage in the rapidly growing Saudi FinTech market, projected to expand by 4. 5 times between 2022 and 2027. Rasan highlights its leadership position, brand strength, digital capabilities, extensive partnerships, and data analytics expertise as key factors for continued success.

Rasan's comprehensive insurance value chain offerings, from lead generation to claims management, contribute to its resilient operating model. With a proven track record of profitability and a strong customer base exceeding 7. 5 million, the company is led by a team with extensive experience in driving growth and innovation.