Saudi Insurtech Rasan Raises $224m in Tadawul IPO as Shares Surge 30% on Debut
The Riyadh fintech behind insurance aggregator Tameeni became one of the first Saudi tech startups to list on the main market, with its June 2024 offering oversubscribed roughly 129 times.
Rasan, the Riyadh-based fintech that owns insurance-comparison platform Tameeni and vehicle-services platform Treza, debuted on the Tadawul main market on 13 June 2024, raising about $224 million by selling a 30% stake. Shares jumped around 30% on the first day, pushing the company's market value close to $1 billion.
The institutional book was oversubscribed roughly 129 times, underscoring appetite for Saudi technology listings after food-delivery firm Jahez went public in 2022. Founded in 2016, Rasan operates insurance and financial-services platforms that let users compare and buy policies from more than 20 providers.