Skip to content Skip to Search
Skip navigation

Saudi fintech Rasan to sell 30% stake in IPO

By Pramod Kumar
Rasan, a fintech company, owns Tameeni, the first and largest insurance aggregator in Saudi Arabia by gross written premiums Juan Alberto Casado/Alamy via Reuters
Rasan, a fintech company, owns Tameeni, the first and largest insurance aggregator in Saudi Arabia, collating motor and medical insurance offers

Saudi Arabia’s Rasan will be the first fintech to sell a 30 percent stake in an initial public offering (IPO) on the local stock exchange.

The company will sell 22.7 million shares in the flotation, which includes 5.3 million new shares. 

Book building for institutional investors will start on May 12 to 16, while bids from retail investors will be accepted for two days beginning on May 29. The final price will be decided after the book-building process, with the shares slated for listing on the main market of the Saudi bourse.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

“Rasan’s transition into a publicly listed company allows us to unlock our full potential for innovation and development,” said Moayad Alfallaj, co-founder and CEO.

This strategic step will catalyse the evolution of the fintech and insurance tech sectors in the kingdom, driving innovation in line with the ambitions of Vision 2030, he added.

The company owns Tameeni, the first and largest insurance aggregator in Saudi Arabia by gross written premiums, with market shares of 47 percent for Tameeni Motor and 62 percent for Treza.

Revenue is expected to reach SAR256 million ($68.26 million) in 2023, with a compound annual growth rate (CAGR) of 81 percent from 2020 to 2023.

Last month Fakeeh Care Group, one of the largest private healthcare groups in Saudi Arabia, and Miahona Company, a water and wastewater infrastructure operator, announced plans to launch IPOs.

In February, the Capital Market Authority said that it had received 56 initial public offering applications, a number well ahead of analysts’ expectations and a 30 percent increase on last year.

Latest articles

Saudi esports Savvy Games Video length: 05:07

Saudi Arabia plays the long game in a high-stakes market

Saudi Arabia has so far channeled $38 billion into the esports sector through its Public Investment Fund subsidiary Savvy Games Group. This includes high-profile acquisitions such as the $4.9 billion purchase of the Monopoly Go developer Scopely and the $1.5 billion buyout of ESL FaceIt Group, one of the world’s largest esports companies. Critics have […]

Mashreq Bank sells Neopay

Mashreq sells majority stake in NeoBank in $385m deal

Mashreq Bank has sold a 65 percent stake in its subsidiary IDFAA Payments, more commonly known as NeoPay, in a deal worth $385 million. The Dubai-listed lender sold the stake to Bahrain-headquartered alternative asset manager Arcapita Group Holdings Limited and Turkish fintech company Dgpays SARL, according to a bourse filing. It said Mashreq would retain […]

The global titans in the cloud computing market are jostling to get a foothold in Saudi Arabia

Global cloud platforms offer Saudis data protection promises

Saudi Arabia’s cloud computing market is heating up as global players find a footing in the country with promises to secure government information.  Saudi Arabia has set aside $18 billion to become a regional leader in cloud computing, the Saudi Data and AI Authority said this week, allowing foreign companies to open data centres.  Saudi […]

The company will develop a 1GW solar power plant and 100MW battery storage project

Egypt’s first hybrid solar project to break ground next year

Norway’s renewable energy producer Scatec will begin work on Egypt’s first hybrid solar power and battery storage project in the first half of 2025. The company has signed a US dollar-denominated 25-year power purchase agreement with the state-run Egyptian Electricity Transmission Company for a 1GW solar power plant and 100MW battery storage project. Financial details […]