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Rasan Information Technology Company has concluded the book-building process for participating entities, with the final price for the initial public offering (IPO) being settled at SAR 37 per share.
The offering will imply a market cap of SAR 2.80 billion ($747 million) at listing, according to a press release.
During the institutional book-building, the recorded orders stood at nearly SAR 108.60 billion ($29 billion), representing a coverage of 129.1x times.
Meanwhile, the retail subscription period will commence on 29 May and end on 30 May 2024.
Moayad Alfallaj, Co-Founder and CEO of Rasan, commented: "Pricing our IPO at the top of the range affirms the market's deep confidence in Rasan's strategic vision and highlights our commitment to a growth strategy that is designed to generate significant value for our shareholders.”
“We are focused on capitalising on this momentum to expand our market presence and drive sustainable long-term growth,” Alfallaj mentioned.
Rasan will float 22.74 million ordinary shares on the Saudi Exchange (Tadawul), representing 30% of the company’s issued share capital of 75.80 million shares. The Capital Market Authority (CMA) greenlighted the fintech company’s IPO in March 2024.
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