Saudi fintech firm’s IPO oversubscribed

Saudi Arabia’s fintech sector witnessed a surge in investor interest as Rasan Information Technology Co. launched its IPO, attracting a staggering 108.6 billion riyals ($29 billion) in orders, Bloomberg reported citing the company’s announcement.

The offering, priced at 37 riyals per share, saw an oversubscription of 129.1 times, securing 841 million riyals in funds.

The kingdom, like its Gulf counterparts, is diversifying its stock exchange beyond traditional sectors. Recent IPO announcements, including Rasan’s, have drawn substantial investor demand, indicating a sustained boom in Saudi listings.

Rasan, known for its online insurance platforms, joins a select few tech firms going public in Saudi Arabia. Other tech companies eyeing IPOs include Tabby and Nice One, suggesting a promising future for the kingdom’s tech market.

Retail investors can participate in Rasan’s offering on May 29 for two days, while Saudi Manpower’s offering is set for May 26 and 27.