PIF-backed Saudi digital security firm Elm set to raise $818m in IPO

DUBAI: Saudi Arabian digital security firm Elm, owned by the kingdom’s sovereign wealth fund, 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 on Sunday 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 or 30% of its share capital. Elm provides secure e-business services and information technology, as well as project support services and government project outsourcing in Saudi Arabia, according to its website.

Saudi Arabia has had a surge in IPOs since it listed oil giant Saudi Aramco in a record $29.4 billion listing in 2019. Saudi Arabia is also encouraging more family-owned companies to list in a bid to deepen its capital markets under a reform push aimed at cutting the kingdom’s reliance on oil revenues.