Saudi Fintech’s $224 Million IPO Draws Orders Worth $29 Billion

Investors put in about 108.6 billion riyals ($29 billion) of orders for one of the first initial public offerings by a fintech firm in Saudi Arabia, continuing the trend of strong demand for share sales in the kingdom.

Rasan Information Technology Co.’s IPO was 129.1 times oversubscribed, according to a statement on Wednesday. The offering was priced at 37 riyals a share, the top of a previously announced range, setting it up to raise 841 million riyals.

Like some of its Gulf peers, Saudi Arabia is trying to diversify its stock exchange beyond banks and industrial companies that have ...