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Elm to list on TASI

Elm provides e-business services and IT solutions to private and public sector in the Kingdom
By TRENDS Desk
February 15, 2022 11:04 pm
  • The listing comes amid a boom in the Saudi initial public offering market in a bid to enhance liquidity.
  • Owned by the Public Investment Fund, the company had earlier raised $820 mil in proceeds from an IPO.

Digital security company Elm will debut on Saudi Arabia’s main stock index, TASI, on Feb. 16, according to a bourse filing.

Owned by the Public Investment Fund, the company had earlier raised $820 million in proceeds from an initial public offering.

The listing comes amid a boom in the Saudi initial public offering market in a bid to enhance liquidity.

This comes especially after leading the Gulf in 2021 with record offerings, by companies including ACWA Power and stc.

The final offer price was set at SR128 ($34.1) per share, the top end of an indicative range.

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

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