Reported 5 months ago
Saudi fintech company Rasan Information Technology Co. conducted an IPO priced at 37 riyals a share, raising 841 million riyals, with orders reaching a staggering 108.6 billion riyals ($29 billion). The IPO was 129.1 times oversubscribed, reflecting strong investor demand for share sales in Saudi Arabia. This IPO is part of a trend of diverse companies listing on the Riyadh bourse, with recent offerings drawing significant investor interest, such as Saudi Manpower Solutions Co. and a hospital group. Rasan, operating online insurance platforms, is one of the first fintech firms to go public in the kingdom, with other tech companies like Tabby and Nice One also eyeing IPOs. Retail offerings for Rasan will open on May 29.
Source: YAHOO