Elm CEO: The company mulls acquisitions to further expansion in Saudi Market, abroad

Elm CEO Abdulrahman Al-Jadhai said on Wednesday that the company is planning for carrying out acquisition deals in and outside Saudi market during the next time.

“These expected acquisitions will be based on planned expansion and partnerships in different markets besides launching new products to serve promising sectors in the market”, Al-Jadhai told ASharq.

He added that the company, based in Riyadh, was going to expand partnership with private sector to develop digital solution. He assured that the company would never sell its customer data now or in the future, which means keeping their privacy safe.

Elm has gone public on Wednesday. Its stocks surged 30% in the trading debut to SAR 166.4 from the IPO price at SR 128.

The company floated 24 million shares of its SR 800 million capital, with 70% of the shares were allocated to institutional investors while the rest allocated to retail investors.

Financial institutions poured more than SR 213.2 billion during Elm’s IPO with the institutional offering being 69.5 times oversubscribed, while individual offering was being 13 times oversubscribed.

Elm (owned by the Public Investment Fund (PIF) offers digital solutions and data-based services for both public and private sectors. It has operations in 13 crucial sectors including health care, labor, industry, transportation and public security.