Saudi Fintech Rasan Jumps by 30% in Riyadh Trading Debut
- Rasan share offering had earlier drawn $29 billion of orders
- The fintech company raised as much as 841 million riyals
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Saudi fintech Rasan Information Technology Co. advanced in its Riyadh debut after raising 841 million riyals ($224 million), amid a listing spree which has seen several companies start trading in the kingdom over the past month.
The shares rose to as high as 48.1 riyals, up 30% — the maximum allowed — from the offer price of 37 riyals apiece. That aligns with the strong demand for the stock when the offer was unveiled, with investors putting in orders worth $29 billion and the deal 129 times oversubscribed.