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PIF-backed Saudi Arabia’s Elm Set to Raise $820m via Tadawul IPO

The corporation is trading 30% of its stock and has fixed each share’s final offer price at $34.13.

After pricing its shares on Sunday, data security startup Elm expects to raise 3.07 billion Saudi riyals ($820 million) in such a first public offering. The Saudi corporation is offering 24 million shares, or 30% of its share capital, via the sale, which is held by the kingdom’s Public Investment Fund.


As per an announcement from Riyad Capital, book runner, the financial adviser, and lead manager of the deal, the final offer pricing has been set at 128 riyals each share.

According to Riyad Capital, individual investors would be given 7.2 million shares or 30% of the overall shares provided by Elm. Individual investors can begin the registration process on February 3rd.

The firm is making a 30 percent sale in its share capital. It has its last price offer for each share at $34.13.

Latest offer

The transaction is the latest in a string of initial public offerings (IPOs) on Saudi Arabia’s stock exchange, the largest in the Arab world by market capitalization, as corporations sought liquidity to expand their operations.

The listing number increased dramatically last year after the kingdom’s economy improved.

The Saudi Tadawul Group, the founder and owner of the kingdom’s stock exchange, mentioned on the bourse within December, generating $1 billion in one of the area’s largest exchange IPOs.

Riyadh utility developer, Acwa Power, raised $1.2 billion when it was listed on the Tadawul within 2021.

Elm provides ready-to-use and personalized digital solutions in a variety of industries. Its website began as a research firm focused on localizing technology around 1986 and eventually expanded into the e-security industry.

In 2007, it was converted into a PIF-owned joint-stock corporation, allowing it to grow past technology from 2009 and go global around 2016.

Elm participated in a $15 million Series A fundraising round for telehealth startup Cura in October, including Saudi Aramco’s entrepreneurship arm Wa’ed.

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