Impact46 is selling its stake in Saudi insurance specialist Rasan Information Technology through a SR917.7m (US$244.7m) accelerated bookbuild on Wednesday.

The offer of 13.3m shares represents 17.2% of the company. Its shares have risen considerably since listing meaning proceeds from the ABB will exceed the SR841m IPO, which involved 22.7m shares.

Books were covered within 15 minutes of opening with guidance of SR69 per share, and books were covered multiple times at that level.

Books closed at 3:15pm in London and pricing was expected later in the day.

Pricing in line with guidance is a 4% discount to Wednesday's close of SR71.90.

Impact46 in 2021 led a SR88m funding round for a 25.1% stake.

Shares priced in last year’s IPO at SR37 to value the company at SR2.8bn. The IPO involved a mixture of secondary selling and primary issuance.

HSBC is running the ABB, displacing Morgan Stanley and BSF Capital which ran the IPO.

Source: IFR