RIYADH: Saudi digital security firm Elm has completed its retail offering with 1,311 percent oversubscription, generating up to SR12.09 billion ($3.2 billion).
Retail subscribers to the initial public offering reached 1.13 million, the company said on Tadawul.
The retail subscription period, where the price was set at SR128 per share, started Feb. 3 and ended on Feb. 6.
This followed the completion of the book-building process with the institutional offering being 69.5 times oversubscribed, drawing orders of nearly SR213.2 billion.
Local Investors poured SR206 billion, while GCC investors, including Gulf sovereign funds, investment funds, and companies, put in SR 3.4 billion.
Elm floated 24 million shares of its SR800 million capital, of which 70 percent of the shares were allocated to institutional investors while the rest allocated to retail investors.
Fully owned by the Public Investment Fund, the company provides secure e-business services and information technology solutions to private and public sector businesses in the Kingdom.