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31-01-22
KSA firm, Elm fixes share price after collecting USD820M
(MENAFN) Information security firm Elm is predicted to collect 3.07 billion Saudi riyals (USD820 million) in an initial public offering after fixing its shares price on Sunday.
The Saudi firm, owned by the country’s Public Investment Fund, is selling 24 million stocks, or 30 per cent of its share capital, via the agreement.
Based on an announcement from Riyad Capital, the financial adviser, book runner and investment manager of the exchange, the firm has fixed the final offer price to be at 128 riyals for each share.
Riyad Capital also announced that a number of 7.2 million shares accounting for, 30 per cent of the overall shares offered by Elm, are going to be assigned to individual stockholders. The subscription procedure for each stockholder is going to begin on February 3.
MENAFN31012022000045013568ID1103616590
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