The Capital Market Authority (CMA) in Saudi Arabia has announced its approval of an application by Rasan Information Technology Co. to carry out an initial public offering (IPO) on the Saudi Exchange (Tadawul).
The IPO will involve the sale of 22.74 million shares, equivalent to 30 percent of the company’s capital. The CMA also mentioned that the prospectus for the IPO will be published prior to the scheduled share sale.
Read more: Saudi’s SAL $678 million IPO receives strong investor demand in Riyadh
The approval granted by the CMA’s board will remain valid for a period of six months from the date of resolution. However, if the offering and listing of the company’s shares are not finalized within this timeframe, the approval will be automatically revoked.
Established in 2016, Rasan is a financial technology company that focuses on the insurance and banking industries. It operates various insurance platforms, namely Tameeni, AwalMazad, and Treza. At the helm of Rasan is Moayad Alfallaj, who serves as the company’s Chairman.
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