Rasan issues prospectus to float 22.74M shares on TASI

Logo of Rasan Information Technology Co.

Rasan Information Technology Co. published the prospectus for offering 22.74 million shares, or 30% of the company’s post-IPO share capital (32.3% of pre-IPO capital), on the Saudi Exchange (Tadawul) for a nominal value of SAR 1 per share.

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).

For More IPOs

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.

Company Profile
Company	Rasan Information Technology Co.
Market	TASI
Core Activities	Financial technology (Fintech)
Capital	SAR 70.5 mln
Capital after IPO	SAR 75.8 mln
Number of shares after IPO	75.8 mln shares
Par Value	SAR 1

IPO Summary
Issue Percentage	30% of capital (32.3% of pre-IPO capital)
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
IPO Maximum Limit for Retail Investors	100,000 shares
IPO Maximum Limit for Institutional Investors	3.79 mln shares
Institutional Offer Period and Book Building	Five days from May 12-19, 2024.
Retail Offering	Two days from May 29-30, 2024.
Final Allocation	June 4, 2024
Refund (if any)	June 6, 2024

Additional Information
Financial Advisor, Lead Manager, Institutional Bookrunner and Underwriter	Saudi Fransi Capital - Morgan Stanley Saudi Arabia
Lead Manager	Saudi Fransi Capital
Receiving Banks	Banque Saudi Fransi - Al Rajhi Bank

Major Shareholders
Shareholders	Before IPO		Post-IPO
Shareholders	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%

Rasan Information Technology Company Prospectus

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