Elm debuts on Tadawul today, second listing of 2022

Elm Co. building

Shares of Elm Co. will begin trading on the Saudi Exchange (Tadawul) as of today, Feb. 16, with the symbol 7203 and ISIN Code SA15GG53GHH3.

The stock will have ±30% daily price fluctuation limits and ±10% static price fluctuation limits. These fluctuation limits will be applied during the first three days of listing, and from the fourth trading day onwards, the daily price fluctuation limits will revert to ±10% and the static price fluctuation limits will no longer apply.

This will be the second listing on the main market in 2022.

Last year witnessed nine listings, including Alkhorayef Water and Power Technologies Co. (March 1), Theeb Rent a Car Co. (March 29), Tanmiah Food Co. (Aug. 4), solutions (Sept. 30), International Company for Power and Water Projects (ACWA Power) (Oct. 11), Arabian Contracting Services Co. (Al Arabia) (Nov. 15), Nayifat Finance Co. (Nov. 22), Saudi Tadawul Group (Dec. 8), and Almunajem Foods Co. (Dec. 20).

Elm's listing will bring the total number of Tadawul-listed companies to 194, excluding 17 REITs.
 

The company floated 24 million shares, of which 7.2 million shares were allocated for retail investors. The retail offering was 1311.6% covered and a minimum of six shares were allocated for each retail subscriber.

Company Info:
 

Elm was established in 1988 as a limited liability company with SAR 500,000 capital. In 2007, the company turned into a closed joint-stock one-person company and its capital was increased to SAR 50 million. In November 2020, capital was raised to SAR 500 million, then to SAR 800 million in June 2021, which is its current capital.

The company's main activity is represented in providing communications and information technology services, information security, electronic business, exchange of  credit information, as well as providing electronic link services between the government sector and the private sector; managing, preparing, operating and maintaining data and information centers; wholesale and retail trade in electronic devices, software and communication networks; providing websites for sale and purchase; and other areas of project management, marketing and technical investment.

Elm is a leader in the integrated digital solutions market. It has a diversified portfolio that covers 13 industries.

Affiliates:

The company has seven subsidiaries, six of which are located in the Kingdom and one in the UAE, as follows:

*In the UAE (AED)

The Public Investment Fund (PIF) is currently 100% owner of the company. Its holding percentage will decrease to 67% after the IPO. A total of 2.4 million shares will be allocated for the company’s employee stock option program.