Latham & Watkins and White & Case have advised parties on the initial public offering (IPO) of Rasan, a fintech and insurance services provider in the Kingdom of Saudi Arabia.
Rasan made its debut on the main market of the Saudi Exchange on June 13, becoming the second technology company to go public in the Kingdom.
It operates services including Tameeni Motor, which aggregates motor insurance products, and Tameeni Health, which provides small-and-medium-enterprises with health insurance products for their employees and dependents.
Rasan offered 22.74 millions shares, representing 30% of its capital, according to a statement. The final offer price was set at SAR 37 per share, resulting in a total offering of SAR 841 million (US$224 million).
The offering was 129.1 times oversubscribed and attracted US$29 billion in orders.
Latham advised Rasan, while White & Case provided counsel to the lead manager, financial advisors, bookrunners, and underwriters in Riyadh and London. Morgan Stanley and BSF Capital (formerly Saudi Fransi Capital) were jointly appointed as the financial advisors, bookrunners, and underwriters, with BSF Capital acting as the sole lead manager.
The Latham team was led by Riyadh partner Salman Al-Sudairi, with advice on data and technology matters provided by Riyadh partner Brian A. Meenagh.
Meanwhile, the White & Case team was led by Dubai partner Sami Al-Louzi and included London partner Laura Sizemore.
Both law firms have been involved in a flurry of IPO activity of late, having advised Saudi Aramco on a secondary public offering involving the sale of US$11.2 billion of shares in the state-owned company. It is the largest equity capital markets offering in the Middle East, after Saudi Aramco’s IPO in 2019.
White & Case advised long-standing client of nearly 75 years, Saudi Aramco, whilst Latham & Watkins advised the bookrunners.
Rasan’s IPO is the seventh this year for the main market of the Saudi Exchange. Others include Modern Mills Company and more recently, Miahona, who was advised by Latham.
Jahez was the first Saudi technology firm to go public in the Kingdom. The food delivery app listed on Nomu, a secondary exchange in Saudi Arabia, in 2022.
