Rasan, which operates online insurance platforms Tameeni and Treza, is among the Saudi kingdom’s first fintech companies to go public. Investor demand was enormous, with roughly 108.6 billion riyals ($29 billion) of orders put in. Other technology firms in the kingdom are currently spying IPOs, including fintech and buy-now-pay-later company Tabby, and online cosmetics retailer Nice One. The success of Rasen’s IPO is part of a broader trend in Saudi Arabia, where several companies have recently seen triple-digit subscription rates for their listings, indicating a continued robust appetite for new shares on the Riyadh-based bourse.
Saudi Fintech’s $224 Million IPO Draws Orders Worth $29 Billion
