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Saudi Arabian fintech group Rasan Information Technology Co. plans to sell a 30% stake in an IPO and list its shares on Riyadh's Tadawul exchange.
Rasan and its investors will offer 22.7 million shares in the IPO, including 5.3 million new shares.
Bookbuilding for institutional investors will run from May 12 until May 16, while retail investors will be able to bid from May 29 to May 30, the group said in a statement issued on Sunday.
The final price of the offer shares will be determined by the selling shareholders following the book-building process.
Morgan Stanley and Saudi Fransi Capital are hired as joint financial advisers, bookrunners and underwriters for the offering. Receiving banks are Saudi Banque Fransi and AlRajhi Bank.
Rasan made revenues of 256 million riyals ($68 million) in 2023.
The company operates insurance aggregator Tameeni and Treza, an insurance policy management solution for leasing companies and banks.
Rasan will be 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.
At an event in February, CEO of the Saudi Exchange, Mohamed Al-Rumaih, said there were 120 listings in the past three years across all markets in the kingdom raising more than $100 billion.
(Reporting by Brinda Darasha; editing by Seban Scaria)
