Saudi Tech Firm Rasan Taps Morgan Stanley, Fransi for IPO [BNN Bloomberg (Canada)]
Morgan Stanley (MS)
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Source: BNN Bloomberg
for an initial public offering in Riyadh, according to people familiar with the matter. The Saudi Arabian firm is preparing to list on the local bourse potentially as soon as this year, the people said, asking not to be identified as the information isn't public. Details of the offering such as size and timing are still preliminary and subject to change, they said. Representatives for Rasan and Morgan Stanley didn't respond to requests for comment, while a Saudi Fransi spokesperson declined to comment. The IPO could come at a tough time for startups around the world. Rising interest rates have led to liquidity drying up and hit funding in the venture capital space, while the collapse of Silicon Valley Bank has sent further shockwaves through the sector. Still, technology companies in the Middle East have been raising funds. Saudi Arabia's Tamara recently secured a $150 million debt facility from Goldman Sachs Group Inc., while Dubai-based Tabby raised $58 million at the start
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