Thursday, 25 July 2024

Saudi Exchange welcomes Rasan Information Technology Company to the main market


The Saudi Exchange congratulates Rasan Information Technology Company (Rasan), the leading InsurTech services provider in the Kingdom of Saudi Arabia, as it lists on the Main Market.

Established in 2016, Rasan is a company specializing in the InsurTech services in the Gulf region. The Group’s portfolio includes InsurTech companies like Tameeni, offering insurance aggregation services, among others such as Treza for policy management, Awal Mazad for car auctions, and R Solutions for business intelligence and predictive modeling.

Mr. Nasser Alajaji, Chief of Listing at Saudi Exchange, said: “The listing of Rasan is testament to the growth of the InsurTech sector in Saudi Arabia in recent years and demonstrates the commitment of the Saudi Exchange to welcome innovative companies from a diverse range of sectors. The Kingdom aims to become a hub for innovations in line with the objectives of Vision 2030 spearheaded by the FinTech Strategy under the umbrella of the Financial Sector Development Program and we congratulate the team at Rasan as they begin their journey as a listed company.”

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Mr. Moayad Alfallaj, Co-founder and CEO of Rasan, said: “Rasan’s listing on the Saudi Exchange marks a pivotal moment in our journey, reinforcing our position as a leading InsurTech services provider in the region. The IPO will support Rasan’s robust growth trajectory and continue to drive positive impact in the industry through our cutting-edge solutions. This strategic step allows us to unlock our full potential for innovation and development, and will support the growth of the InsurTech sector in the Kingdom, driving innovation in line with the ambitions of Vision 2030.”

Rasan offered 22,740,000 shares representing 30% of the Company’s issued share capital.