Rasan Information Technology Company has concluded the book-building process for participating entities, with the final price for the initial public offering (IPO) being settled at SAR 37 per share.

The offering will imply a market cap of SAR 2.80 billion ($747 million) at listing, according to a press release.

During the institutional book-building, the recorded orders stood at nearly SAR 108.60 billion ($29 billion), representing a coverage of 129.1x times.

Meanwhile, the retail subscription period will commence on 29 May and end on 30 May 2024.

Moayad Alfallaj, Co-Founder and CEO of Rasan, commented: "Pricing our IPO at the top of the range affirms the market's deep confidence in Rasan's strategic vision and highlights our commitment to a growth strategy that is designed to generate significant value for our shareholders.”

“We are focused on capitalising on this momentum to expand our market presence and drive sustainable long-term growth,” Alfallaj mentioned.

Rasan will float 22.74 million ordinary shares on the Saudi Exchange (Tadawul), representing 30% of the company’s issued share capital of 75.80 million shares. The Capital Market Authority (CMA) greenlighted the fintech company’s IPO in March 2024.

All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).