Elm sets final IPO price at SAR 128/share

Logo of Elm Co.

Elm Co. successfully completed the book-building process for participating categories, Riyad Capital, the financial advisor, lead manager, bookrunner and underwriter for the initial public offering (IPO), said in a bourse statement

The company set the final offer price at SAR 128 per share.

The retail offering will run from Feb. 3 until Feb. 6.

A total of 7.2 million shares, or 30% of the offering size, were allocated for individual subscribers.

Commenting on the success of participating categories IPO, Elm CEO Abdulrahman Al-Jadhai, said that this turnout reflects investor confidence in the company, the IT market and digital transformation.

He explained that the IPO is particularly important for both retail and institutional investors, and promotes the company’s leading position, financial and operational strength, and activates its role in contributing to building a strong and competitive economy in one of the most important global economies.

The CEO also praised the positive Saudi market, pointing out that the prospects for IPOs in the Kingdom are positive and attractive in light of the continued solidity and strength of the local economy, which is the largest in the Middle East and the outstanding success achieved in responding to the pandemic and its consequences, which severely affected many global economies.

He stressed that the IPO process is part of Elm’s development and an important step in the company's long-term growth, particularly, in light of the upward growth indicators for the telecommunications and the IT market, locally and globally.

Owned by the Public Investment Fund (PIF), Elm owns subsidiaries in the Kingdom and a number of other investments abroad, and targets four key areas, namely, technical solutions, business support and operational management, consulting, and human resources services.

Elm leads the digital transformation market with its specialized services and integrated solutions to 13 key vital sectors, including finance and banking, trade, real estate, energy, transport, health, security, municipalities, labor and human resources, Hajj, defense, justice and industrial sector.

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