02 Feb PIF-backed Saudi digital security firm Elm set to raise $818m in IPO
Elm, a digital security firm in Saudi Arabia, is set to raise $818m after pricing its (IPO) initial public offering for the stock market.
The firm, which is owned by the Kingdom’s sovereign wealth fund, was priced initially at 128 riyals per share but now looks set to raise 3.07 billion riyals in total. It is selling 24 million shares in the deal or 30% of its share capital.
Elm provides secure services and information technology for a variety of business clients, as well as project support services and government project outsourcing in Saudi Arabia.
Saudi Arabia has had a surge in IPOs since it listed oil giant Saudi Aramco in a record $29.4 billion listing in 2019. The country is also encouraging more family-owned companies to list on the stock market, as it aims to deepen its capital markets under a reform push aimed at cutting the kingdom’s reliance on oil revenues.