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Saudi fintech Rasan to raise $224 million in IPO, to be valued at $748 million

Riyadh-based fintech Rasan is looking to raise $224.3 million in the first-ever Tadawul listing for a Saudi startup. The startup has set its price range for the initial public offering (IPO) at SAR 35-37 per share, it announced on Sunday.

At the top of this range, it should have a market cap close to $750 million when the Saudi firm goes public, which will make it one of the highest-valued technology firms in the Middle East & North Africa.

The final share price will be determined after the bookbuilding process for institutional investors ends on May 16. It started with the announcement of the price range on Sunday. Rasan is selling 22.7 million shares in the public listing, 17.4 million of which will be existing shares and 5.3 million will be newly issued shares.

Founded in 2016, Rasan runs Tameeni, the largest online insurance aggregator of the Kingdom, which allows users to compare, buy or renew insurance for vehicles, health, or travel. The startup also runs a few other online platforms for insurance and vehicle maintenance.

The retail investors will be able to bid on Rasan’s shares on May 29 and 30.

It will be the second Saudi startup to go public. The first one was Jahez which was listed on Nomu, a parallel Saudi exchange with lighter requirements, in 2022.

Rasan has raised just $24 million in disclosed external financing in a funding round in 2021 which was led by Saudi VC Impact46’s growth fund. As we reported earlier, Impact46 is the largest shareholder in the firm and is set to have a big payday when the startup goes public.

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