Saudi Arabia’s Elm IPO 1,311% oversubscribed to reach $3.2bn

Wed, 2022-02-09 15:50

RIYADH: Saudi digital security firm Elm has completed its retail offering with 1,311 percent coverage, generating up to SR12.09 billion ($3.2 billion).

Retail subscribers to the initial public offering reached 1.13 million, the company said on Tadawul.

Elm floated 24 million shares of its SR800 million capital, of which 70 percent of the shares were allocated to institutional investors while the rest allocated to retail investors.

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Profits of Saudi Arabia’s Elm almost triple ahead of IPOPIF-owned digital security firm Elm plans to collect $816m in IPO

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