Saudi Rasan to Sell Shares on Tadawul

Rasan’s pavilion at the Leap 24 international conference in Riyadh (from the company’s account on X)
Rasan’s pavilion at the Leap 24 international conference in Riyadh (from the company’s account on X)
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Saudi Rasan to Sell Shares on Tadawul

Rasan’s pavilion at the Leap 24 international conference in Riyadh (from the company’s account on X)
Rasan’s pavilion at the Leap 24 international conference in Riyadh (from the company’s account on X)

The Saudi Rasan Information Technology Company intends to offer 22.74 million shares on the Tadawul Stock Exchange, 10 percent of which will be allocated to individual subscribers, at the price of SAR 35-37 riyals per share.

MAGNiTT research company estimated that the market value of Rasan would reach around $750 million, after the expected offering of 30 percent of its capital in the main Saudi market (Tadawul), thus becoming one of the sector’s largest companies in the region.

Rasan is one of 216 new fintech companies that have been established in Saudi Arabia since 2016. The cumulative total of venture capital investments in this sector exceeded SAR 6.9 billion ($1.84 billion).

The company, which was founded in 2016 and operates in the financial and insurance technology sectors, achieved a compound annual growth in net profit at a rate of 332 percent between 2020 and 2023. Its revenues at the end of 2023 amounted to SAR 256 million ($68.3 million).

Rasan operates online insurance platforms such as Tameeni and Treza. In 2021 it closed an investment round of SAR 90 million led by Impact46, a Saudi alternative asset manager.

The insurance sector in Saudi Arabia has grown over the past year, as the profits of listed insurance companies increased during the first quarter of 2024 by 50 percent compared to the same period last year, to record SAR 910 million ($242 million).

On the other hand, the Rasan IPO is the seventh and last in the month of May, during which new listings were active on the Saudi Financial Market (Tadawul). The period for individuals to subscribe to the company’s shares begins on Wednesday May 29, and continues until the evening of the following day.

Saudi Arabia is looking to increase the pace of listings in the financial market, by offering 24 companies over the course of 2024, according to the annual report of the Financial Sector Development Program of Vision 2030.



Saudi Arabia Launches 'Edaa Connect' to Streamline Access to Investment Funds

The pavilion of the Saudi Tadawul Group is seen at an exhibition. (Asharq Al-Awsat)
The pavilion of the Saudi Tadawul Group is seen at an exhibition. (Asharq Al-Awsat)
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Saudi Arabia Launches 'Edaa Connect' to Streamline Access to Investment Funds

The pavilion of the Saudi Tadawul Group is seen at an exhibition. (Asharq Al-Awsat)
The pavilion of the Saudi Tadawul Group is seen at an exhibition. (Asharq Al-Awsat)

The Securities Depository Center, part of the Saudi Tadawul Group, has launched Edaa Connect, a platform designed to enhance access to investment opportunities in funds within the Saudi financial market.

Announced on the first day of the Financial Markets Forum 2025, the platform aims to offer a seamless investment experience by integrating various fund options, making subscription and redemption processes more efficient for investors.

According to Edaa, the platform provides significant advantages for fund managers by offering advanced tools to optimize their operations. It also increases fund visibility and accessibility, allowing managers to reach a broader investor base and fostering greater competitiveness in the market.

Edaa CEO Hanan Mohammed Alshehri described the launch as a major milestone, emphasizing its role in improving portfolio management, decision-making, and overall investment efficiency.

Edaa Connect would contribute to the ongoing evolution of the Saudi financial market by simplifying investment processes and enhancing market transparency, she added.

The platform integrates with existing financial services but focuses specifically on funds not listed on Tadawul Saudi, ensuring a comprehensive and tailored experience for investors. This initiative strengthens the accessibility of the investment fund market and supports broader market participation.