White & Case with Morgan Stanley and BSF Capital on Rasan IPO

White & Case advised Morgan Stanley Saudi Arabia and BSF Capital (formerly Saudi Fransi Capital) as joint financial advisors, underwriters and bookrunners on the initial public offering and listing on the Main Market of the Saudi Exchange (Tadawul) of Rasan Information Technology Company, a fintech in Saudi Arabia’s insurance industry.

One of the first offerings by a fintech firm in Saudi Arabia was 129.1 times oversubscribed and attracted US$29 billion in orders, with the total value of the offering amounting to around SAR 841 million (approximately US$224 million). BSF Capital also acted as the sole lead manager on the transaction and other financial institutions involved included Banque Saudi Fransi and Al-Rajhi Bank, as receiving agents.

White & Case’s team

Partner Sami Al-Louzi, based in Dubai (pictured) led the team, which included partner Laura Sizemore (London), counsel Jad Slim and associates Husam Azhar (Riyadh), Hamzeh Al Rasheed, Cassy Raby (both Dubai) and Andrew Scott (London).