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Rasan issues prospectus to float 22.74M shares on TASI
AI Summary
Content Summary: 
Logo of Rasan Information Technology Co.
The company plans to sell 17.44 million shares of the selling shareholders’, and issue 5.3 million new shares.
In March, the Capital Market Authority (CMA) approved Rasan’s application to list on the Main Market (TASI).
The registration and book building period will run for five days from May 12-16, 2024.
The share sale for retail investors will run from May 29-30, 2024.
Rasan was established in 2016 and operates in information technology sector.
The group's actual activities are represented in providing a number of products and platforms to retail, corporate, and SMEs clients within the financial technology (fintech) sector.
The group's business includes four main segments: auto insurance, medical insurance, leasing and online auction, in addition to R solutions.
The company has five subsidiaries: Awal Mozawadah Information Technology LLC, Tameeni Electronic Insurance Brokerage Ltd., Treza LLC, Rasan Software House LLC, and Rasan LLC.
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Company Profile |
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|
Company |
Rasan Information Technology Co. |
|
Market |
TASI |
|
Core Activities |
Financial technology (Fintech) |
|
Capital |
SAR 70.5 mln |
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Capital after IPO |
SAR 75.8 mln |
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Number of shares after IPO |
75.8 mln shares |
|
Par Value |
SAR 1 |
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IPO Summary |
|
|
Issue Percentage |
30% of capital (32.3% of pre-IPO capital) |
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Number of Shares Offered |
22.74 mln shares |
|
Qualified Subscribers |
Participating Parties, Retail Investors |
|
IPO Minimum Limit for Retail Investors |
10 shares |
|
IPO Minimum Limit for Institutional Investors |
100,000 shares |
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IPO Maximum Limit for Retail Investors |
100,000 shares |
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IPO Maximum Limit for Institutional Investors |
3.79 mln shares |
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Institutional Offer Period and Book Building |
Five days from May 12-19, 2024. |
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Retail Offering |
Two days from May 29-30, 2024. |
|
Final Allocation |
June 4, 2024 |
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Refund (if any) |
June 6, 2024 |
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Additional Information |
|
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Financial Advisor, Lead Manager, Institutional Bookrunner and Underwriter |
Saudi Fransi Capital - Morgan Stanley Saudi Arabia |
|
Lead Manager |
Saudi Fransi Capital |
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Receiving Banks |
Banque Saudi Fransi - Al Rajhi Bank |
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Major Shareholders |
||||
|
Shareholders |
Before IPO |
Post-IPO |
||
|
Number of Shares (mln shares) |
Ownership (%) |
Number of Shares (mln shares) |
Ownership (%) |
|
|
Impact Funds Company for Financial Technology |
13.15 |
18.65% |
9.90 |
13.06% |
|
Theeb Hudayban Ghallab Al-Motairi |
9.98 |
14.15% |
7.51 |
9.91% |
|
Mohaidib Ali Mohammed Al-Mohaidib |
8.64 |
12.26% |
6.51 |
8.58% |
|
Samer Mohammed Raslan |
6.64 |
9.43% |
5.00 |
6.60% |
|
Mohammed Mohaidib Ali Al-Mohaidib |
4.65 |
6.60% |
3.50 |
4.62% |
|
Impact Asset Preservation CIT Company |
4.52 |
6.41% |
3.40 |
4.49% |
|
Fahd Ahmed Mohammed Abu Hamid |
3.45 |
4.90% |
2.60 |
3.44% |
|
Majid Abdullah Mohammed Al Bawardi |
3.41 |
4.83% |
2.56 |
3.38% |
|
Moayed Abdullah Mohammed Al Bawardi |
3.41 |
4.83% |
2.56 |
3.38% |
|
Abdulrahman Abdullah Abdulrahman bin Aiban |
3.41 |
4.83% |
2.56 |
3.38% |
|
Sami Mohaidib Ali Al Mohaidib |
3.33 |
4.72% |
2.50 |
3.20% |
|
Ayman Abdullah Suleiman Al-Falaj |
1.57 |
2.23% |
1.18 |
1.56% |
|
Suleiman Abdullah Suleiman Al-Falaj |
1.57 |
2.23% |
1.18 |
1.56% |
|
Thamer Abdullah Suleiman Al-Falaj |
1.57 |
2.23% |
1.18 |
1.56% |
|
Abdulilah Mohammed Manie Al-Ghufaili |
1.20 |
1.71% |
0.90 |
1.20% |
|
Public |
-- |
-- |
22.74 |
30% |
|
Total |
70.50 |
100% |
75.80 |
100% |
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