Company will be one of the first fintech firms to go public in the kingdom. Saudi Fintech Rasan Information Technology Co. rose in its Riyadh debut after raising SR841 million ($224 million), part of a listing binge that has seen many businesses begin trading in the country in the last month.

The shares surged to as high as 48.1 riyals, up 30% — the maximum allowed — from the offer price of SR37 each. That is consistent with the enormous demand for the stock when the offer was announced, with investors placing orders worth $29 billion and the offering 129 times oversubscribed.

Saudi Arabia, like some of its Gulf neighbors, is attempting to diversify its stock exchange beyond the banks and industrial firms that have traditionally dominated it. However, the kingdom’s technology industry has seen very few listings. Jahez Food Delivery’s substantially oversubscribed offering in late 2021 was an outlier.

In recent weeks, a number of companies have announced ambitions to float on the Riyadh market, which has sparked enormous investor interest. Some offers were more than 100 times subscribed, demonstrating that the listing boom of the past few years is still going strong.

Saudi Aramco’s huge stock sale this month raised $11.2 billion for Riyadh, the largest such transaction in the world in approximately three years, and will help support a multitrillion-dollar economic transformation push.

That follows the country’s largest listing of the year, health-care group Dr. Soliman Abdel Kader Fakeeh Hospital Co., which garnered $91 billion in orders, and Saudi Manpower Solutions Co., which drew more than $30 billion. Fakeeh surged 10% in its launch last week, but has already lost most of its gains. Saudi Manpower advanced 21% in its maiden trading day on Wednesday. Miahona, a water treatment company, has more than doubled in value since it began trading one week ago.

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