Saudi Digital Security Firm Elm Set to Raise $818 Mln in IPO

Business

January 30th, 6:42am

Asharq Al-Awsat

Saudi Digital Security Firm Elm Set to Raise $818 Mln in IPO

Saudi Arabian 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 a share, against an indicative price of 113 to 128 riyals per share. It is selling 24 million shares in the deal. According to Reuters, Elm provides secure e-business services and information technology, as well as project support services and government project outsourcing in Saudi Arabia, its website says. Also, Saudi Arabia's bourse operator Tadawul, which also listed last year, said in December it had 50 applications from companies for IPOs this year and is considering whether to allow blank-cheque companies, known as SPACs, to list.

from Asharq AL-awsat https://english.aawsat.com/home/article/3444796/saudi-digital-security-firm-elm-set-raise-818-mln-ipo