Saudi fintech company Rasan Information Technology Co. has moved forward in its debut in Riyadh, managing to raise 841 million riyals ($224 million) amid the hype associated with the listing, as a result of which several companies have started trading in the kingdom over the past month.

The value of shares of the mentioned firm rose to 48.1 rials per equity. It is worth noting that this figure is 30% higher than the maximum allowed from the offer price of 37 rials apiece. Investors put in orders worth $29 billion. The number of applications for the deal exceeded the offer 129 times.

Saudi Arabia is currently making efforts to diversify its stock exchange. It is worth noting that nowadays other countries of the Persian Gulf are also working on the materialization of relevant plans. Saudi Arabia strives to ensure that its stock exchange is not limited to banks belonging to the category of standard financial institutions and industrial companies dominating the corresponding platform currently. At the same time, there are not very many listings in the kingdom’s technology sector so far. In this case, the exception was Jahez’s offer. The mentioned firm specializes in the implementation of food delivery activities. A large number of applications have been submitted for the company’s proposal, announced at the end of 2021.

In recent weeks, there have been many statements about the intentions of various firms to list on the stock exchange in Saudi Arabia. The relevant plans have already received a kind of preliminary result in the form of a high level of demand from investors. Some offers have been subscribed to more than 100 times. This indicator is evidence that the boom in listings that has been observed over the past few years is still ongoing and has not yet even approached a downward trajectory.

A large-scale Saudi Aramco stock offering in June raised $11.2 billion in financing for Riyadh. Over the past three years, this has been the biggest such deal in the world. Riyadh will use the funds received to finance multibillion-dollar projects to transform the economic system of Saudi Arabia.

Dr. Soliman Abdel Kader Fakeeh Hospital Co. raised orders worth $91 billion, placing the largest listing in the kingdom in the current year. At the same time, Saudi Manpower Solutions Co. managed to raise orders worth more than $30 billion.

Fakeeh’s stock value rose 10% during its debut last week. However, it is worth noting that these securities lost most of their earnings in the shortest possible time.

The value of Saudi Manpower shares during the first trading session last Wednesday, June 12, showed an increase of 21%.

Miahona securities have doubled in price since the start of trading last week.

Rasan operates digital insurance platforms, including Tameeni and Treza. The company will be one of the first fintech firms to go public in Saudi Arabia, where only a few technology listings have been submitted so far.

According to media reports, Tabby, specializing in providing consumers with Buy-Now-Pay-Later (BNPL) solutions, and Nice One, a cosmetics retailer operating in the virtual space, are also planning to list in the kingdom in the foreseeable future.

Saudi Fransi Capital and Morgan Stanley are joint financial advisors, bookrunners, and underwriters for listings in Saudi Arabia.

As we have reported earlier, MENAP-Based Fintech ABHI Expands to Saudi Arabia.