Rasan Information Technology gets CMA nod to offer 22.7M shares on TASI

Logo of Rasan Information Technology Co. 

The Capital Market Authority (CMA) approved an application submitted by Rasan Information Technology Co. to sell 22.74 million shares, or 30% of its capital, in an initial public offering (IPO) on the Saudi Exchange (Tadawul).

The prospectus will be published ahead of the planned share sale, the market regulator said in a statement today, March 25.

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The approval is valid for six months from the CMA’s board resolution date. The approval will be deemed cancelled if the offering and listing of the company's shares are not completed within this period, it added.
 
Rasan was founded in 2016 as a financial technology company targeting operations in both the insurance and banking sectors. The company manages insurance platforms, including Tameeni, AwalMazad, and Treza.
The company is chaired by Moayad Alfallaj.