Saudi Arabia's CMA approves IPO application of digital security firm Elm

Ximen Mining

22/12/2021 13:26

DUBAI, Dec 22 (Reuters) - Saudi Arabia’s Capital Markets
Authority (CMA) said on Wednesday it has approved an initial
public offering digital security firm Elm, which is owned by the
kingdom's sovereign wealth fund. 
    The market regulator said it approved an application for an
offering of 24 million shares, which represents 30% of Elm’s
share capital.
    Reuters was first to report in May 2020 plans by Saudi
Arabia's Public Investment Fund to go ahead with a sale of
shares to investors. 
    Elm is fully owned by the PIF and provides secure e-business
services and information technology and project support services
and government project outsourcing in Saudi Arabia, according to
information on its website.
    Companies that secure approval from the CMA have six months
to launch their public share-sale. 

 (Reporting by Hadeel Al Sayegh
Editing by Nick Zieminski)
 ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))