Saudi Capital Market Authority OKs IPO of 30% of PIF-owned Elm Co.

RIYADH: Saudi Arabia’s Capital Market Authority said on Wednesday it has approved an initial public offering of digital security firm Elm, which is owned by the Kingdom’s sovereign wealth fund, Public Investment Fund.

The market regulator said it approved an application for an offering of 24 million shares, which represents 30 percent of Elm’s share capital.

Elm provides secure e-business services and information technology and project support services and government project outsourcing in Saudi Arabia, according to information on its website.

Companies that secure approval from the CMA have six months to launch their public share-sale.