Saudi fintech Rasan recordsdata for an IPO on Tadawul 

Riyadh-headquartered fintech Rasan has introduced its intention to go public on Tadawul. The Saudi startup intends to promote a 30 p.c stake on the first Saudi inventory change, Tadawul, turning into the primary startup to listing on the change. Jahez, which is the primary Saudi startup to have gone public in early 2022, listed on Nomu, a parallel native inventory change with lighter necessities. It has just lately introduced plans to maneuver to Tadawul although.

Based in 2016 by Moayad Alfallaj, and some different trade veterans, Rasan owns and operates completely different insurance coverage and automobile upkeep platforms, together with Tameeni, Saudi’s first and largest on-line insurance coverage aggregator. Tameeni permits customers to check, purchase, or renew insurance coverage, from over 20 insurance coverage suppliers, in minutes by means of its internet and cellular apps.

Along with Tameeni, Rasan additionally runs Treza, a B2B insurance coverage platform for motor leasing corporations; Awalmazad, a web based auto public sale platform that primarily sells salvage and repossessed automobiles; and Warshti, an on-demand automotive restore platform for shoppers.

Rasan raised $24 million its solely funding spherical thus far; in late 2021. The spherical was led by Impact46’s progress fund, which is now the most important shareholder within the firm. Impact46 was additionally an investor in Jahez, the primary Saudi startup to go public.

In 2023, the corporate recorded $68 million (SAR 256 million) in income, reflecting a 58 p.c enhance in comparison with the earlier yr, and attained a internet revenue of $12 million (SAR 46 million), representing a 33.5 p.c year-over-year progress.

Rasan claims to have served over 7.5 million prospects thus far and holds a 47 p.c share of gross written premiums for shopper motor insurance coverage, making it the most important participant within the trade.

The Saudi startup plans to supply 22.7 million extraordinary shares in its public itemizing. Of those, 17.4 million might be current shares, constituting 23 p.c of the corporate’s complete shares, whereas the remaining 5.3 million might be newly issued shares, representing 7 p.c of the whole shares.

It should announce the value vary of the shares on Sunday and provoke the bookbuilding course of for institutional buyers, which is able to proceed till Might 16. Retail buyers will then have the chance to bid for the shares on Might 29 and 30.

Moayad Alfallaj, the co-founder and CEO of  Rasan, commenting on the transfer, mentioned, “Rasan’s transition right into a publicly listed firm permits us to unlock our full potential for innovation and growth. It should pave the best way for thrilling product launches and speed up the conclusion of our strategic ambitions, aligning with the alternatives within the markets we serve.”

The corporate has not introduced an inventory date but, however it’s anticipated to be after June 6, by which era it should have accomplished the method of refunding any extra subscription quantities, if relevant.

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