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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.

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“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.

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