Saudi Arabia based digital security firm Elm says that it’s seeking to raise around $820 million (3 billion riyals) from its upcoming initial public offering (IPO). The company made this announcement on January 23 further adding that it has set an IPO price range for its share price.
In the IPO, share of the company will be going for an indicative price of 113 to 128 riyals per share. The company is looking forward to sell 24 million shares in the IPO.
The company offers secure e-business services and information technology as well as project support services and government project outsourcing in Saudi Arabia.
Citing information from the company’s official website, Elm is a wholly owned subsidiary of the Public Investment Fund.