Saudi digital security firm Elm seeks to raise up to $820 mln at IPO

DUBAI, Jan 23 (Reuters) - Saudi Arabia's digital security firm Elm said on Sunday it has set an indicative price range for its initial public offering, aiming to raise as much as 3 billion riyals ($820 million).

Elm, owned by the kingdom's sovereign wealth fund, said in a statement it plans to sell 24 million shares at an indicative price of 113 to 128 riyals per share.

Reuters reported https://www.reuters.com/article/us-saudi-pif-elm-ipo-idUSKBN22T0Q5 in May 2020 plans by Saudi Arabia’s Public Investment Fund to go ahead with a sale of shares to investors.

Elm, fully owned by the Public Investment Fund, and provides secure e-business services and information technology, as well as project support services and government project outsourcing in Saudi Arabia, according to its website. ($1 = 3.7509 riyals) (Reporting by Hadeel Al Sayegh; Editing by William Mallard)