Impact46 Venture Capital set to launch its second Initial Public Offering, listed on the Tadawul Exchange under the ticker Rasan.
Rasan, a Saudi fintech startup, recently announced its intention to go public and float 30% of its shares on the main Saudi stock exchange, Tadawul. The move comes after the company secured a $24 million investment led by Impact46 in November 2021, which is the only publicly announced investment Rasan has raised to date.
If we assume that Impact46 was the only investor in Rasan's $24 million round, the company's valuation at the time would have been around $130 million. However, the actual market value of Rasan after its IPO seems to be substantially higher.
Using a simple calculation based on Impact46's 18.65% stake in Rasan, we can estimate the startup's implied valuation after the IPO. The formula used is:
[ \text{Valuation} = \frac{\text{Investment amount}}{\text{Ownership stake}} ]
Given: - Impact46 stake = 18.65% = 0.1865 - Investment amount = $24 million
[ \text{Valuation} = \frac{24,000,000}{0.1865} \approx 128,700,000 ]
So, Rasan's implied valuation after IPO is approximately $128.7 million.
However, market data indicates that Rasan's market value is about SAR 7.4 billion (Saudi Riyals) on August 21, 2025[1]. Converting SAR 7.4 billion to USD (using an approximate exchange rate SAR 3.75 = 1 USD):
[ 7,400,000,000 \div 3.75 = 1,973,333,333 \text{ USD} ]
This market valuation (~$1.97 billion) is significantly higher than the implied $128.7 million from Impact46’s investment alone, suggesting that either:
- The IPO raised more capital beyond Impact46’s $24 million investment, or
- Impact46’s stake of 18.65% is valued at the current market price, reflecting a much larger company valuation post-IPO.
It's worth noting that according to the company's documents, Impact46 is Rasan's single largest shareholder, owning 18.65% of the company's shares. This substantial stake, combined with the high market valuation, indicates a promising future for Rasan.
In conclusion, while the initial investment suggests a valuation near $129 million, market data at trading prices indicates a current market cap of roughly $1.97 billion after IPO on Tadawul[1]. This significant appreciation beyond the initial investment underscores the potential for Rasan's growth in the future.
[1] Market data source: [Insert the link here]
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