Owned by the Public Investment Fund, the company had earlier raised $820 million in proceeds from an initial public offering.

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.

The final offer price was set at SR128 ($34.1) per share, the top end of an indicative range.

Based in Riyadh, Elm provides secure e-business services and information technology solutions to private and public sector businesses in the Kingdom.


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