Ejada Systems, the technology arm of Al Rajhi Bank, is reportedly planning to refile its application for an initial public offering with Saudi Arabia’s market regulator.
The Capital Markets Authority had approved Ejada’s IPO plans in December 2024, but the company’s six-month period for listing has lapsed, Bloomberg reported.
The company, which is 90 percent owned by Al Rajhi Bank, will be required to provide updated financial disclosures to the market regulator upon reapplication, the report said quoting informed sources.
Ejada proposed to float 20.25 million shares, or 45 percent of its total shares, on the local market.
Blomberg said the reasons for the delay were not known.
In its 2024 annual report, the lender said that the subsidiary recorded a 41 percent year-on-year increase in new contract value to SAR2.2 billion ($587 million). The subsidiary also reported 22 percent annual growth in revenue last year.
In October 2024 the news agency reported that Ejada may sell at least a 30 percent stake in a deal valued at up to $1.5 billion.
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