PIF-Owned Elm Seeks $820 Million From IPO

Elm Co., a digital security firm owned by Saudi Arabia’s Public Investment Fund (PIF), has commenced institutional book-building for its IPO on the Saudi stock exchange from which it seeks to raise as much $820 million.

Source: Twitter

Elm’s IPO details:

According to a statement issued by the Saudi Exchange, Riyad Capital (the financial adviser and underwriter for the IPO) has set the initial public offering’s price range between SR113 riyals ($30.13) and SR128 riyals ($34.12). Institutional book-building for 24 million shares will start on January 23 and ends on January 28. The eligible parties shall subscribe to a minimum of 100,000 shares and a maximum of 3.99 million shares. As for retail investors, the subscription period is scheduled for Feb. 3 and will run for four days, with 7.2 million shares offered.

The Riyadh-based company provides secure e-business services and information technology solutions to private and public sector businesses in the Kingdom. Among the online services that it developed for the Saudi government is the Absher platform, which enables residents and citizens to carry out transactions such as traffic fine payments.

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