Derayah Financial Company, the leading Saudi independent digital investment platform, announced its intention to proceed with an initial public offering (IPO).
The company plans to get listed on the Main Market of the Saudi Exchange (Tadawul).
Derayah got the Saudi market regulator Capital Market Authority’s nod in December for the sale of 49,947,039 ordinary shares, representing 20 per cent of its issued share capital.
It is to be done by way of a partial sale by the company’s current shareholders in proportion with their existing shareholding.
The company said the offer price for the share sale will be determined at the end of the book-building period.
Taha Alkuwaiz, Co-Founder and Chairman of Derayah said the company is proud to announce the launch of its IPO at a pivotal moment in the Kingdom’s financial sector.
“This IPO goes beyond being a milestone for Derayah; it stands as a testament to our steadfast dedication to democratising investment and providing all types of investors with innovative, accessible, and comprehensive wealth-building solutions,” he said.
Mohammed Alshammasi, CEO of Derayah, said with the launch of our IPO, Derayah is embarking on an exciting new chapter that will further solidify its position as a leading independent digital investment platform in Saudi Arabia.
“In recent years, we have achieved exponential growth by capitalizing on favourable local, regional, and global capital markets. We have done this by successfully catering to the needs of digital natives, while simplifying the investment journey and providing a unique experience for a new generation of investors,” he said.
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