Saudi digital security firm Elm soars in Riyadh trading debut

Elm Co., a digital security firm owned by Saudi Arabia’s sovereign wealth fund, surged 30 per cent in its trading debut.

The stock rose to SAR166.4 ($44.3) on Wednesday, compared with an offering price of SAR128. The shares priced at the top of the range, with the Public Investment Fund raising $820m from the offering.

The listing comes amid a rush of sales in the Middle East, part of an effort to deepen the region’s capital markets, and JPMorgan Chase & Co. and Citigroup are among those betting investor demand will keep the IPOs coming.

Elm’s own offering drew $57bn in institutional orders this week, almost 70 times the targeted proceeds.

The state-owned Public Investment Fund is expanding its foray into public markets this year by investing about $10bn more into listed stocks. The Saudi Tadawul All Share Index is one of the best-performing gauges globally in 2022 so far.