HomeBusinessSaudi digital security firm Elm set to raise $818 million in IPO

Saudi digital security firm Elm set to raise $818 million in IPO

DUBAI : Saudi Arabian digital security firm Elm is set to raise 3.07 billion riyals ($818 million) after pricing its preliminary public providing on the high of its indicative value vary.

Elm, owned by the dominion’s sovereign wealth fund, stated on Sunday it priced the deal at 128 riyals a share, in opposition to an indicative value of 113 to 128 riyals per share. It is promoting 24 million shares in the deal.

Fully owned by the Public Investment Fund, the corporate offers safe e-business providers and knowledge expertise, in addition to undertaking help providers and authorities undertaking outsourcing in Saudi Arabia, in accordance to its web site.

Saudi Arabia has had a surge in IPOs because it listed oil big Saudi Aramco in a report $29.4 billion itemizing in 2019.

The nation’s bourse operator Tadawul, which additionally listed final yr, stated in December it had 50 functions from corporations for IPOs this yr and is contemplating whether or not to enable blank-cheque corporations, generally known as SPACs, to listing.

($1 = 3.7515 riyals)

(Reporting by Saeed Azhar; Editing by William Mallard)

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