{"id":86466,"date":"2024-05-23T00:00:00","date_gmt":"2024-05-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/23\/rasan-prices-its-ipo-at-the-top-of-the-range-ahead-of-retail-subscriptions\/"},"modified":"2024-05-23T00:00:00","modified_gmt":"2024-05-23T00:00:00","slug":"rasan-prices-its-ipo-at-the-top-of-the-range-ahead-of-retail-subscriptions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/23\/rasan-prices-its-ipo-at-the-top-of-the-range-ahead-of-retail-subscriptions\/","title":{"rendered":"Rasan prices its IPO at the top of the range ahead of retail subscriptions"},"content":{"rendered":"

Fintech startup Rasan priced its IPO on main market Tadawul at SAR 37 per share<\/strong>, it said in a filing to the exchange<\/a>. The institutional tranche of the offering was 129.1x oversubscribed, signaling strong investor appetite for the offering, the statement reads.<\/p>\n

Background: <\/strong>Rasan is selling a 30% stake<\/a> through an offering of existing and new shares. The sale sees Rasan offering 22.7 mn shares, including 17.4 mn shares from 15 selling shareholders and 5.3 mn new shares. Some SAR 40.4 mn will be deducted from the proceeds to cover the offering\u2019s expenses, according to the prospectus (pdf)<\/a>.<\/p>\n

Proceeds + market cap: <\/strong>The final price will allow the fintech outfit to raise SAR 841 mn from the IPO, and values the company at SAR 2.8 bn post-listing, according to our calculations.<\/p>\n

What\u2019s next? <\/strong>Bankers will be booking orders for 2.3 mn shares from retail investors for two days starting on Wednesday, 29 May 2024, before the final allocation takes place on Tuesday, 4 June. Refunds, if any, are scheduled for Thursday, 6 June.<\/p>\n

Rasan\u2019s services include <\/strong>ins. aggregator Tameeni<\/a>, B2B leasing ins. platform Treza<\/a>, automotive auction platform Awal Mazad<\/a>, and car repair workshop Warshti<\/a>. With offices in the Kingdom, the UAE, and Egypt, the company claims to have more than 8 mn customers, 60 partners, and 10 products, according to its website<\/a>.<\/p>\n

ADVISORS-<\/strong>Saudi Fransi Capital<\/strong> is quarterbacking the transaction as financial advisor, lead manager, bookrunner and underwriter. Morgan Stanley Saudi Arabia<\/strong> is also acting as financial advisor, bookrunner, and underwriter. Receiving banks include Banque Saudi Fransi and AlRajhi Bank. Latham & Watkins is Rasan\u2019s legal advisor, while White & Case was appointed as legal advisor to the lead manager, financial advisors, underwriters, and bookrunners. PwC is financial due diligence advisor and marketing consultant and EY is serving as auditor.<\/p>\n

SAUDI IPO PIPELINE AT A GLANCE-<\/p>\n

Among the transactions now in the market <\/strong>or in the pipeline:<\/p>\n