Saudi VC Impact46 announces 10x exit from Tadawul-listed Rasan

💰 Saudi VC Impact46 has successfully exited Rasan through an accelerated book-build offering, with HSBC Saudi Arabia as the sole global coordinator and book-runner.

The exit delivered a 10x return on Impact46’s 2021 investment, with Rasan’s equity appreciating over 91% since its 2024 listing. The offering included 17.16% of Rasan’s issued share capital, priced at $18.40 per share, with a total size of $245 million, covered multiple times.

Rasan is only the second Saudi tech firm to go public, following Jahez, which listed on Nomu in early 2022. The company sold 22.7 million shares (30% of total shares) in its IPO, including 17.4 million existing shares and 5.3 million newly issued shares.

Founded in 2016, Rasan operates Tameeni, Saudi Arabia’s largest online insurance aggregator, enabling users to compare, purchase, and renew insurance policies. It has since expanded into insurance and vehicle maintenance services.

Despite raising just $24 million in external funding before its IPO, Rasan’s growth delivered a major win for Impact46, its largest shareholder. The Saudi VC was also the only tech investor that backed Jahez.