DUBAI: Saudi digital security firm Elm is set to raise 3.07 billion riyals ($818 million) after pricing its initial public offering at the top of its indicative price range.
Elm, owned by the kingdom’s sovereign wealth fund, said on Sunday it priced the deal at 128 riyals per share, down from an indicative price of 113 to 128 riyals per share. He is selling 24 million shares as part of the deal.
Wholly owned by the Public Investment Fund, the company provides secure e-commerce and information technology services, as well as project support and government project outsourcing services in Saudi Arabia, according to its website. .
Saudi Arabia has seen a surge in IPOs since listing oil giant Saudi Aramco at a record $29.4 billion listing in 2019.
The country’s stock exchange operator Tadawul, also listed last year, said in December it had received 50 IPO applications from companies this year and was considering whether or not to allow blank check companies. , known as SPAC, to register.
($1 = 3.7515 riyals)
(Reporting by Saeed Azhar; Editing by William Mallard)
