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

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

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.

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