(Bloomberg) -- Rasan, a technology company that operates online insurance platform Tameeni, is working with Morgan Stanley and Saudi Fransi Capital 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 of the year from investors including Sequoia Capital India.

Founded in 2016, Rasan operates platforms including Tameeni Motor and Tameeni Health in the kingdom. In 2021 it closed an investment round of 90 million riyals ($24 million) led by Impact46, a Saudi alternative asset manager. Tameeni had about 8 million users at the time, according to a statement.

IPOs in the Middle East have been booming even as they slump in most other major markets amid continued volatility in equities. The region saw almost $23 billion raised through listings last year and has hosted the world’s biggest IPO so far in 2023.

©2023 Bloomberg L.P.