Rasan sets IPO price on TASI at SAR 37/share

Logo of Rasan Information Technology Co.

Rasan Information Technology Co. announced today, May 22, the successful completion of the book-building process for its initial public offering (IPO) on the Saudi Exchange (Tadawul), setting the final IPO price at SAR 37 per share.

The order book was 129.1x oversubscribed.

For More IPOs

The participating entities subscribed to all of the shares offered, with 22.74 million ordinary shares allocated, representing 100% of the total shares offered for subscription in the first stage, Rasan said in a statement to Tadawul.

A total of 2.27 million shares, or 10% maximum of the total shares on offer, will be allocated in a second stage to individual investors.

The retail offering will run from May 29-30, Argaam earlier reported.

The nominal value per share is SAR 1.