Elm IPO Process successfully Completed -Riyad Capital Announces

Elm initial public offering process was successfully completed through building the order book for the category of participating classes, in the company’s shares offering, and the last price was set at SR128 per share, Riyad Capital announced, in its capacity as the financial advisor, underwriting manager, institutional underwriter for the initial public offering of Elm IPO.

The company has offered 24 million shares, of which 70% will be allocated to the participating classes and 30% to individuals, noting that the phase for the individual subscriber segment is set for 4- day beginning on Thursday, February 3, and continues until Sunday, February 6.

The company stated that the shares offered for the institutions have been covered about 69.5 times, with a total volume of applications submitted worth SR213.2 billion.

The categories of investors and the volume of orders were as follows:

Local investors SR206 billion (67.14) times, including all requests received from public and private funds, managed investment portfolios, government institutions, companies listed on the Saudi stock exchange, private companies and financial market institutions.

Gulf investors SR3.4 billion (1.11 times), including sovereign funds, investment funds and Gulf companies.

Foreign investors SR3.8 billion (1.25 times), including qualified foreign financial institutions and swap agreements.