Home GCC Saudi Arabia Saudi digital security firm Elm soars in Riyadh trading debut The stock rose to $44.3 on Wednesday by Bloomberg February 16, 2022 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. Tags Capital Markets Digital Security Firm Public Investment Fund Saudi Arabia 0 Comments You might also like Saudi Arabia’s Mawani signs four contracts worth SAR1bn GCC region M&A blazes trail as global deals decline Top marks for GCC nations in digital connectivity index Saudi Arabia studies graphite, rare earths trading platform