Rasan shares debut on TASI today

Logo of Rasan Information Technology Co.

Rasan Information Technology Co. will begin trading on the Saudi Exchange (Tadawul) today, June 13, with the symbol 8313 and ISIN Code: SA162GIK1SH5, at SAR 37/share.

The stock will trade with ±30% daily and ±10% static price fluctuation limits in the first three days, Tadawul said in a statement.

For More IPOs

From the fourth trading day onwards, the daily price fluctuation limits will revert to +/-10%, while the static price fluctuation limits will no longer apply.

With the listing of Rasan and Al Taiseer Group Talco Industrial Co. (TALCO) today, the number of listings on TASI rose to eight since the start of 2024.

TASI listed seven companies last year, including, Al Mawarid Manpower Co., Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma), Morabaha Marina Financing Co. (MRNA), First Milling Co., Lumi Rental Co., ADES Holding Co., and SAL Saudi Logistics Services Co., in addition to Alinma Hospitality REIT Fund.

Rasan and TALCO will bring the total number of Tadawul-listed companies to 221, excluding 18 REITs.

The company offered 22.74 million shares, or 30% of its capital, at SAR 37 per share. 90% of offered shares were allocated to participating parties, while the remaining 10% were allocated to retail investors.

The retail coverage reached 12.8x, while the tranche of participating parties was 129.1x subscribed.

Each retail investor received a minimum of three shares, while the remaining shares will be allocated pro rata, based on the demand size of every subscriber to total shares. The allotment ratio amounted to 1.038%. 

Company Profile 

Rasan was established in 2016 as a limited-liability company in Riyadh. In 2022, it converted into a closed joint-stock company.

The company's main activities are focused on the financial technology (Fintech) sector, and is represented in: Software design and programming, application development, Fintech solutions, creating the infrastructure for web hosting, data services and applications, electronic publishing and providing third-party marketing services.