Latham & Watkins Advises on Rasan’s Initial Public Offering

Latham & Watkins has advised Rasan Information Technology Company (Rasan), a leading fintech and insurtech services provider in the Kingdom of Saudi Arabia, on its initial public offering (IPO) on the Main Market of the Saudi Exchange. The IPO of Rasan consisted of an offer of 22.74 million shares, or 30% of its capital, and was the first IPO by a fintech and insurtech firm in Saudi Arabia. The final offer price for the IPO was set at SAR 37 per share, resulting in a total offering value of SAR 841 million (US$224 million).

Rasan operates Tameeni Motor, an online motor insurance aggregation platform that provides individual customers with a one-stop shop for motor insurance products, and Tameeni Health, an online health insurance aggregation platform that provides SMEs with a one-stop shop for health insurance products for their employees and dependents.

The Latham team was led by Riyadh partner Salman Al-Sudairi, with associates Najla Al-Gadi, Hatem Abdulghaffar, Aya AlHumaid, and Bshayer Binyamin. Advice on data and technology matters was provided by Riyadh partner Brian A. Meenagh, with Dubai associates Lucy Tucker and Ksenia Koroleva.