Saudi Arabian insurance fintech group Rasan Information Technology Co., which is selling a 30% stake in an IPO and listing shares on Riyadh's Tadawul exchange, has set the final price for the offering at SAR 37 ($9.86) per share, the top of the range indicated previously.

The book-building process is now complete with a coverage ratio of 129.1x of the total offer shares, Saudi Fransi Capital, the lead manager and a joint financial advisor, to the offering said on Tadawul on Wednesday.

In the second stage, 2.27 million ordinary shares, representing 10% of the total shares offered for subscription, will be allocated to individual subscribers as a maximum.

The company operates insurance aggregator Tameeni and Treza, an insurance policy management solution for leasing companies and banks.

Rasan is the fourth Saudi company to announce an IPO in Q2. The others are Saudi Manpower Solutions Company (Smasco), water treatment firm Miahona Co., and Fakeeh Care Group.

(Writing by Brinda Darasha; editing by Seban Scaria)