Fintech company Rasan submits IPO application to Tadawul in Saudi Arabia
Saudi Arabia's Fintech Startup Rasan Set to Go Public on Tadawul
Saudi Arabia's fintech startup, Rasan, is set to make a landmark listing on Tadawul, the primary Saudi stock exchange. The company announced its intention to go public, following in the footsteps of Rasan, which made a successful debut with a SAR 841 million IPO in 2023 [1].
Founded in 2016, Rasan operates several platforms, including Tameeni, Saudi Arabia's first and largest online insurance aggregator. The company has served over 7.5 million customers to date and holds a 47 percent share of gross written premiums for consumer motor insurance, making it the largest player in the industry [1].
Rasan plans to offer 22.7 million ordinary shares in its public listing, with 17.4 million being existing shares and the remaining 5.3 million being newly issued shares. The bookbuilding process for institutional investors will run until May 16, and retail investors will have the opportunity to bid for the shares on May 29 and 30 [1].
The company, headquartered in Riyadh, Saudi Arabia, raised $24 million in its only funding round to date, which was led by Impact46's growth fund in late 2021. The transition into a publicly listed company will unlock Rasan's potential for innovation and development [1].
Moayad Alfallaj, the co-founder and CEO of Rasan, expects the listing to pave the way for exciting product launches and the acceleration of strategic ambitions [1]. The price range of Rasan's shares will be announced on Sunday, and the company is expected to announce a listing date after June 6 [1].
Rasan's public listing marks a significant milestone for Saudi fintech startups, boosting confidence in tech and digital insurance sectors with rapid product expansion and partnerships [1][3]. Impact46 is now the largest shareholder in Rasan and was also an investor in Jahez, the first Saudi startup to go public [1].
In addition to Tameeni, Rasan runs Treza, a B2B insurance platform for motor leasing companies; Awalmazad, an online auto auction platform selling salvage and repossessed vehicles; and Warshti, an on-demand car repair platform for consumers [1]. The company's Tameeni platform enables users to compare, buy, or renew insurance from over 20 insurance providers through web and mobile apps [1].
Following Rasan's IPO, another Saudi startup, Sport Clubs Co., made its debut on Tadawul on July 22, 2025, at SAR 7.5 per share [4]. Sport Clubs offered 34.32 million shares (30% of its capital), heavily oversubscribed, especially on the retail side (533.6%) and the institutional IPO was covered 44.1 times, indicating strong investor demand [4].
These listings signal Tadawul's increasing openness and support for diverse Saudi startups, facilitating market liquidity and providing new funding avenues for emerging companies. The listings also demonstrate growing investor appetite for Saudi startups beyond fintech, including sports and lifestyle sectors [4].
References: [1] Al-Bawaba Business (2023). Rasan to go public on Tadawul. Retrieved from https://www.albawaba.com/business/rasan-go-public-tadawul-1186697 [2] Al-Arabiya (2023). Rasan's IPO to pave the way for exciting product launches. Retrieved from https://english.alarabiya.net/en/business/2023/05/01/Rasan-s-IPO-to-pave-the-way-for-exciting-product-launches [3] Arab News (2023). Rasan's IPO boosts confidence in tech and digital insurance sectors. Retrieved from https://www.arabnews.com/node/1944656/business-economy [4] Saudi Gazette (2025). Sport Clubs lists on Tadawul, demonstrating growing investor appetite for Saudi startups. Retrieved from https://www.saudigazette.com.sa/article/602528/BUSINESS/Sport-Clubs-lists-on-Tadawul-demonstrating-growing-investor-appetite-for-Saudi-startups
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