Elm shares rise 30% to SAR 166.40 on debut

Logo of Elm Co.

Elm Co.'s shares rose at their maximum daily limit of 30% to SAR 166.40 (+SAR 38.40 compared to the listing price of SAR 128), on debut.

Nearly 1.77 million shares were exchanged through 42,100 transactions or 42 shares per transaction.

Shares of Elm Co. began trading on the Saudi Exchange (Tadawul) today, Feb. 16. The stock will have +/- 30% daily price fluctuation limits and +/- 10% static price fluctuation limits.

These fluctuation limits will be applied during the first three days of listing. From the fourth trading day onwards, the daily price fluctuation limits will revert to +/- 10% and the static price fluctuation limits will no longer apply.

Elm was established in 1988 as a limited liability company with SAR 500,000 capital. In 2007, the company turned into a closed joint-stock one-person company and its capital was increased to SAR 50 million. In November 2020, the capital was raised to SAR 500 million, then to SAR 800 million in June 2021, which is its current capital.

The company's main activity includes providing communications and information technology services, information security, electronic business, exchange of credit information, as well as providing electronic link services between the government sector and the private sector.

It is also engaged in managing, preparing, operating and maintaining data and information centers; wholesale and retail trade in electronic devices, software and communication networks; providing websites for sale and purchase; and other areas of project management, marketing and technical investment.

Elm is a leader in the integrated digital solutions market. Its diversified portfolio covers 13 industries.