RIYADH: Saudi digital security firm Elm Co. has started institutional book-building for its initial public offering on the Saudi stock exchange.

Elm, which is fully owned by the Public Investment Fund, will tap interest from institutional investors until Jan. 28 as it aims to raise 24 million shares, or 30 percent of its SR800 ($213 million) capital, as announced by Riyad Capital, the bookrunner of the offer.

Riyad Capital has set the IPO price range between SR113 and SR128 per share. The final offer price will be determined upon completion of the book-building session.

The eligible parties shall subscribe to a minimum of 100,000 shares and a maximum of 3.99 million shares.

As for retail investors, the subscription period is scheduled for Feb. 3 and will run for four days, with 7.2 million shares offered.

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

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