Saudi Arabia’s Elm draws $57bn in institutional orders
Now Reading
Saudi Arabia’s Elm draws $57bn in institutional orders

Saudi Arabia’s Elm draws $57bn in institutional orders

Local investors placed orders worth SAR206bn

Saudi arabia riyadh

A digital security firm owned by Saudi Arabia’s wealth fund drew about $57bn in orders from institutional investors, in the latest sign of strong demand for share sales in the Middle East.

Elm Co. drew orders worth SAR213.2bn from the institutional part of its IPO, which was 69.5 times oversubscribed. Local investors placed orders worth SAR206bn.

Share sales in Saudi Arabia have seen huge investor demand over the past year.

Most listings have priced at the top of the range and shares have surged on their trading debut.

Elm is selling 24 million shares at SAR128 apiece, an offering that may raise as much as $820m.

Riyad Capital is the financial adviser and underwriter for the IPO, which opens for retail investors for four days from February 3.

You might also like

© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top