Saudi Arabia: Saudi-based fintech Rasan Information Technology Co. is set to offer 22.74 million shares for an initial public offering on the Kingdom’s main market.

The company, along with its subsidiaries, will list the shares, which represent 30 percent of its issued share capital, on Tadawul through the sale of 17.4 million existing ordinary shares as well as 5.3 million new ordinary shares, according to a statement.

While the existing ordinary shares account for 23 percent of the company’s issued share capital, the new ordinary shares represent 7 percent.

This comes following the Capital Market Authority’s approval in March of the fintech firm’s application for registering its share capital and offering the total number of ordinary shares, with a nominal value of SR1 ($0.27) per share.

Moreover, the offering proceeds after deducting IPO-related expenses will be distributed to the selling shareholders equally based on their shareholding in the existing ordinary shares.

The remaining proceeds are set to be distributed to the company in order to expand its current operations and products, market and develop new products, as well as finance the general purposes of the firm and its subsidiaries.

The final price of the offer shares, which account for the existing and new ordinary shares combined, will be determined by the existing shareholding and the company, in consultation with the financial advisers, following the book-building process and prior to commencement of the subscription period for individual subscribers.

The financial advisers include Saudi Fransi Capital and Morgan Stanley Saudi Arabia.