Saudi Fintech Rasan Information Technology Co. Prepares for IPO on Tadawul
Riyadh-based fintech company Rasan Information Technology Co. is gearing up to offer 22.74 million shares for an initial public offering on the Kingdom’s main market, Tadawul.
The company, along with its subsidiaries, will be listing the shares, which make up 30 percent of its issued share capital. This will be done through the sale of 17.4 million existing ordinary shares and 5.3 million new ordinary shares.
Of the total, the existing ordinary shares represent 23 percent of the company’s issued share capital, while the new ordinary shares account for 7 percent.
The Capital Market Authority approved the fintech firm’s application in March for registering its share capital and offering the total number of ordinary shares, each with a nominal value of SR1 ($0.27) per share.
Following deductions for IPO-related expenses, the offering proceeds will be divided equally among the selling shareholders based on their shareholding in the existing ordinary shares. The remaining proceeds will be allocated to the company for expanding current operations, developing new products, and financing general purposes.
The final price of the offer shares, comprising both existing and new ordinary shares, will be determined through consultation between the existing shareholding and the company, along with financial advisers Saudi Fransi Capital and Morgan Stanley Saudi Arabia, after the book-building process.