Saudi PIF-owned digital security firm Elm to raise $818mn in IPO

Saudi PIF-owned digital security firm Elm to raise $818mn in IPO

Elm, a digital security firm owned by Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), is all set to raise $818 million from its initial public offering (IPO), according to a bourse statement.

The Riyadh-based company has set its final offer price per share at $34, the top end of the proposed range. It is selling 24 million shares in the deal. Riyad Capital is the financial adviser and underwriter for the IPO, which opens for retail investors for four days from February 3.

The IPO comes as the countries in the Middle East step up efforts to sell shares in private companies and boost liquidity on their stock markets. Saudi Arabia has seen a surge in IPOs since it listed oil giant Saudi Aramco in a record $29.4 billion listing in 2019.

Last year, the Kingdom was the leader in the region, with several listings including that of the Saudi stock exchange, ACWA Power and Saudi Telecom Company’s internet-services unit.

The sale also comes in line with the PIF’s planning to step deeper into public markets this year by investing about $10 billion more into listed stocks. The Saudi benchmark index has jumped 8 percent this year, extending its 2021 gains of