Elm Co., a digital security firm owned by Saudi Arabia’s sovereign wealth fund, set the final offer price for its initial share sale at the top of a range as investors flock to the kingdom.
The company will sell shares at 128 riyals ($34.12) apiece after institutional part of the offering ended. The Public Investment Fund will raise $820 million from the offering.
The IPO comes as countries in the Middle East step up efforts to sell shares in private companies and boost liquidity on their stock markets. Saudi Arabia was the leader in the region last year, with several listings including that of the Saudi stock exchange, ACWA Power and Saudi Telecom Co.’s internet-services unit.
The sale also comes against the backdrop of state-owned Public Investment Fund planning to plough deeper into public markets this year by investing about $10 billion more into listed stocks. The Saudi benchmark index has jumped 8 per cent this year, extending its 2021 gains of 30 per cent.
Riyad Capital is the financial adviser and underwriter for the IPO, which opens for retail investors for four days from February 3.
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