PIF-owned digital security firm Elm plans to collect $816m in IPO

Saudi Arabia’s digital security firm Elm Co. plans to collect up to SR2.98 billion ($816 million) from its initial public offering, according to a bourse statement.

The Riyadh-based company, which is fully owned by the Public Investment Fund, has set its final offer price per share at SR128 ($34), the top end of the proposed range.

This followed the completion of the book-building process by Riyad Capital, the financial advisor of the offer.

For retail investors, the subscription period is scheduled for Feb. 3 and will run until Feb. 6, with 7.2 million shares offered.

It plans to float 24 million shares or 30 percent of the company’s SR800 million capital on the Saudi exchange Tadawul.

Elm provides secure e-business services and information technology solutions to private and public sector businesses in the Kingdom.