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Saudi fintech Rasan to offer 30% of shares in IPO

an illustration of a paper airplane made from a saudi riyal

Illustration: Tiffany Herring/Axios

Rasan, a fintech firm that offers online insurance products in Saudi Arabia, plans to sell a 30% stake in a Riyadh IPO.

Why it matters: The listing could encourage other fintechs in the region to pursue an IPO.

Zoom in: Rasan will offer 22.7 million shares in the public listing: 17.4 million existing shares and 5.3 million new shares.

Between the lines: Rasan hired Morgan Stanley and Saudi Fransi Capital as financial advisers, bookrunners and underwriters for the offering.

  • Bookbuilding for institutional investors will run May 12 through May 16; retail investors can bid for shares May 29-30.

Context: Founded in 2016, Rasan operates online insurance platforms Tameeni and Treza in the kingdom.

  • The company most recently raised SAR90 million (~$24 million) in a round led by Impact46 in November 2021.

By the numbers: The company had revenue of SAR256 million (~$68 million) in its most recent fiscal year, representing a CAGR of 81% from 2020 to 2023.

The big picture: Rasan is the fourth Saudi company to announce an IPO in the last two weeks, but one of the first fintech firms to go public in the kingdom.

What we're watching: Middle Eastern buy now, pay later firms Tabby and Tamara — both of which raised funds last year could be next to list.

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