Riyadh – Mubasher: Rasan Information Technology Company set the price range for its initial public offering (IPO) between SAR 35 and SAR 37 per share, according to a recent press release.

The final offer price will be determined at the end of the book-building period, which commenced on 12 May and will end on 16 May 2024.

On 25 March this year, the Capital Market Authority (CMA) greenlighted the fintech company’s IPO to trade 22.74 million shares, representing 30% of its share capital, on the Saudi Exchange (Tadawul).

The Saudi firm will sell 17.44 existing ordinary shares and issue 5.30 million new ordinary shares for public offering through a capital increase.   

A maximum of 2.27 million Shares, representing 10% of the offer shares, will be allocated to individual subscribers.

Rasan appointed Saudi Fransi Capital and Morgan Stanley Saudi Arabia as its financial advisors, book-runners, joint global coordinators, and underwriters for the IPO transaction.

Meanwhile, Saudi Fransi Capital was mandated as the lead manager.

Banque Saudi Fransi and Al Rajhi Bank have been appointed as the receiving agents for the individual subscribers’ tranche.