Riyadh-based fintech Rasan is poised to raise $224.3 million in its initial public offering (IPO), marking the first-ever Tadawul listing for a Saudi startup. On Sunday, the startup announced its price range for the IPO at SAR 35-37 per share.
At the upper end of this price range, Rasan is projected to achieve a market capitalization close to $750 million, positioning it among the highest-valued technology firms in the Middle East and North Africa.
The final share price will be determined following the conclusion of the bookbuilding process for institutional investors, which commenced with the announcement of the price range on Sunday and will conclude on May 16. Rasan plans to sell 22.7 million shares in the public listing, including 17.4 million existing shares and 5.3 million newly issued shares.
Founded in 2016, Rasan operates Tameeni, the largest online insurance aggregator in Saudi Arabia. Tameeni enables users to compare, purchase, or renew insurance for vehicles, health, and travel. Additionally, the startup manages several other online platforms focused on insurance and vehicle maintenance.
Retail investors will have the opportunity to bid on Rasan’s shares on May 29 and 30.
Rasan will be the second Saudi startup to go public, following Jahez, which listed on Nomu, a parallel Saudi exchange with lighter requirements, in 2022.
In 2021, Rasan raised $24 million in disclosed external financing in a funding round led by Saudi venture capital firm Impact46’s growth fund. Impact46, the largest shareholder in Rasan, is poised for a significant payday with the startup’s public listing.
The upcoming IPO not only underscores Rasan’s growth trajectory but also highlights the increasing dynamism and potential of the Saudi fintech sector, driven by the Kingdom’s broader economic diversification efforts under Vision 2030.
