Saudi Fintech Rasan to Offer 22.74M Shares for IPO, Raising Funds for Expansion and New Products
Saudi-based fintech Rasan Information Technology is planning to offer 22.74 million shares, or 30% of its issued share capital, in an initial public offering (IPO) on the Kingdom's main market, Tadawul.
The offering includes 17.4 million existing ordinary shares and 5.3 million new ordinary shares.
The existing shares represent 23% of the company's issued share capital, while the new shares represent 7%.
The Capital Market Authority approved Rasan's application to register its share capital and offer the total number of ordinary shares in March.
The proceeds from the IPO, after deducting expenses, will be distributed equally among the selling shareholders based on their existing shareholding.
The text describes the plan to distribute the remaining proceeds from an offer of shares to a company for expansion and new product development.
The final share price will be determined through a consultation between the existing shareholders, the company, and financial advisers Saudi Fransi Capital and Morgan Stanley Saudi Arabia, prior to individual subscriptions.