Saudi Fintech’s $224 Million IPO Draws Orders Worth $29 Billion

Institutional investor portion is 129.1 times oversubscribed
A string of Saudi IPOs recently have drawn strong demand

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By Julia Fioretti

May 22, 2024 at 5:49 AM UTC

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Investors put in about 108.6 billion riyals ($29 billion) of orders for one of the first initial public offerings by a fintech firm in Saudi Arabia, continuing the trend of strong demand for share sales in the kingdom.

Rasan Information Technology Co.’s IPO was 129.1 times oversubscribed, according to a statement on Wednesday. The offering was priced at 37 riyals a share, the top of a previously announced range, setting it up to raise 841 million riyals.