Rasan names receiving banks for IPO on TASI

Logo of Rasan Information Technology Co.

Rasan Information Technology Co. began today, May 29, floating 2.27 million shares for retail subscription at SAR 37 each (set based on the bookbuilding process), in an initial public offering (IPO) on the Main Market (TASI).

For More IPOs

The company named Banque Saudi Fransi and Al Rajhi Bank as receiving banks for its IPO.

Rasan earlier announced its plan to float on TASI 22.74 million shares, or 30% of the company’s post-IPO share capital (32.3% of pre-IPO capital), at a nominal value of SAR 1 a share. This is by selling 17.44 million shares held by selling shareholders, while issuing 5.3 million new shares, according to data available with Argaam.