Elm institutional book building process to end tomorrow

Logo of Elm Co.

Riyad Capital, the financial advisor, lead manager, institutional book runner and underwriter of Elm Co.’s initial public offering (IPO), announced that the deadline for receiving applications for subscription to institutional order book is tomorrow, Jan. 28 at 3 pm.

The minimum number of shares to which participating categories can subscribe is 100,000, while the maximum number is 3.99 million. The book-building process for institutional investors began on Jan. 23. The price range was set between SAR 113-128 per share.

Riyad Capital added that it has completed with the receiving agents, all the preparations required for the success of the retail subscription, which will run from Feb. 4-6, 2022.

Riyad Capital confirmed that it has been agreed with the receiving agents - Riyad Bank, Saudi National Bank, (SNB) Al Rajhi Bank, and Arab National Bank (ANB) - to ensure the provision of IPO application forms through the channels that will be provided by them.

Elm is 100%-owned by the Public Investment Fund (PIF). Elm is a leader in the integrated digital solutions market especially within the transformation into digital governments.

For more information and review of the prospectus, please visit the websites of the Saudi Exchange at (www.saudiexchange.sa), Capital Market Authority (www.cma.org.sa), Arabian Contracting Services Company, at www.al-arabia.com, and at GIB Capital at www.riyadcapital.com.

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