Saudi "Rasan" sets the price of the offer on the upper limit and is on its way to raise 224 million dollars

The Saudi -“Rasan” information technology business has set the final price for its upcoming subscription in the Saudi stock market on the upper limit of 37 Riyals per share. This comes after completing the process of setting up a command record for the segment of institutions that covered the offer approximately 129.1 times. The institutions subscribed to the entire shares offered, as 22 million and 740 thousand ordinary shares were allocated to them, representing 100% of the total shares offered for subscription as a first phase, according to a statement by the Saudi Fransi Capital Capital Company as director of subscription, the Saudi Francier Capital Company and the Saudi Morgan Stanley, the two Fiscal -Advisors and two management advisers have been issued. The statement added that with the completion of the process of successfully setting the order record, as a second phase, two million and 274 thousand ordinary shares will be allocated, representing 10% of the total shares offered to individual subscribers. The value of “Rasan” to the subscription according to the price limit, the market value of “Rasan” business will reach approximately $ 750 million when it starts trading for the first time after offering the Saudi stock market, making it one of the largest financial technology companies in the Middle East and North Africa, according to the “magnet” research. Read more: Saudi “Rasan” is heading for a power in financial technology in the region and the company founded in 2016, and works in the financial technology and insurance technology sectors, the price range for subscription to its public offering in the main market set between 35 and 37 Riyals per share.