Rasan’s accelerated bookbuilding to sell 17.2% stake kicks off

Logo of Rasan Information Technology Co. 

HSBC Saudi Arabia, as a global coordinator and a bookrunner for institutional subscription by Impact46 in its capacity as the fund manager of Venture Capital InsurTech Fund and Impact Growth Fund, announced the launch of the accelerated bookbuilding process to sell the entire stake owned by the two funds in Rasan Information Technology Co.

In a statement to Tadawul’s website today, March 12, the company state that the offering is comprised of about 13.30 million shares, representing 17.16% of Rasan’s issued capital, and will be to institutional investors. It indicated that the ownership of these shares are as follows:

The offering will be available to institutional investors in Saudi Arabia, investors from foreign financial institutions that are qualified for rules regulating investment in listed securities, institutions benefiting from swap agreements concluded with an entity licensed by the Capital Market Authority to purchase and trade shares on the Saudi Exchange on behalf of these beneficiaries. This is in addition to institutional investors from the GCC (including companies and funds). Accordingly, the shares will be offered to certain institutional investors located outside the US.

  For more news on listed companies

Following the completion of the offering, the funds managed by Impact Capital are expected to retain no remaining stake in Rasan, and any shares that are not sold during the offering will be subject to a 90-day lock-up period.

The company will not receive any proceeds from the offering. The offering will not result in any reduction of the ownership of other shareholders in the company, HSBC Saudi Arabia said.

It also indicated that this divestment is in line with Impact Capital's investment strategy, which focuses on supporting and empowering startup companies with high growth potential and allocating capital efficiently to capitalize on future opportunities.
 

This offering helps support Rasan's long-term potential by increasing free float, enhancing liquidity levels, and expanding its shareholder base. This will enable the company to attract a diverse group of institutional investors to support the next phase of its growth journey.

It noted that HSBC Saudi Arabia has been appointed as the global coordinator and institutional bookrunner for the seller.

For its part, Tadawul said, in a statement today, that with regard to participating institutions through negotiated deals on Thursday, March 13, 2025, those deals will be implemented in accordance with what is applicable currently within the framework of negotiated deals, as follows:

- Tadawul will facilitate a session prior to the opening auction (pre-market) for only negotiated deals on Rasan Information Technology Co. on Thursday March 13, 2025.

- The negotiated deals session will allow members related to the transaction to place negotiated deals only on Rasan Information Technology Co. (symbol:  8313).
 

- Usual market hours for all listed securities will remain the same, where the opening auction will start at 09:30:00 AM.
 

- Negotiated deals conducted prior to the opening auction (pre-market) on Thursday, March 13, 2025, will be reflected on the negotiated deals page on Tadawul’s website.
 

According to data available with Argaam, Rasan offered 22.7 million shares in May 2024, at SAR 37 each, which were listed on TASI on June 13, 2024.
 

Rasan stock closed today's session 2.6% down at SAR 71.90.