Saudi digital security firm Elm prices IPO at 128 riyals a share

Dubai: Saudi Arabian digital security firm Elm 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, owned by the kingdom's sovereign wealth fund, said on Sunday it 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.

Fully owned by the Public Investment Fund, the company 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.

Saudi Arabia has had a surge in IPOs since it listed oil giant Saudi Aramco in a record $29.4 billion listing in 2019.

The country's bourse operator Tadawul, which also listed last year, said in December it had 50 applications from companies for IPOs this year and is considering whether to allow blank-cheque companies, known as SPACs, to list.