RIYADH: Shares of Elm Co. — a digital security firm owned by Saudi Arabia’s Public Investment Fund — soared 30 percent on its market debut on Wednesday.
The stock hit SR166 ($44.2), leading the Saudi main index TASI on its first day trading.
Based in Riyadh, the company provides secure e-business services and information technology solutions to private and public sector businesses in the Kingdom.
Elm had earlier raised $820 million in proceeds from an initial public offering, where the final offer price was set at SR128 per share in response to strong demand.
The company’s chief executive told Asharq the firm plans to expand collaboration with private sector businesses in digital solutions.
With a number of projects and products to be unveiled soon, the company will continue to preserve customer data, Abdulrahman Al-Jadhai said.
The listing comes amid a boom in the Saudi initial public offering market in a bid to enhance liquidity, especially after leading the Gulf in 2021 with record offerings by companies including ACWA Power and stc.