Elm institutional offering 69.5x subscribed with SAR 213.2 bln orders

Logo of Elm Co.

Elm Co. completed the institutional book-building process, according to Riyad Capital, the financial advisor, lead manager, bookrunner and underwriter for the company’s initial public offering (IPO) on the Saudi Exchange (Tadawul).

The final offer price was determined at SAR 128 per share.

The company’s institutional offering was 69.5x covered, drawing orders of nearly SAR 213.2 billion, Riyad Capital added.

The categories of investors and the volume of coverage included local investors with SAR 206 billion (67.14x), and all the total bids demand received from public and private funds, managed investment portfolios, government institutions, companies listed in the Saudi stock market, private companies and financial market institutions; GCC investors with SAR 3.4 billion (1.11x), including Gulf sovereign funds, investment funds, and companies; and foreign investors with SAR 3.8 billion (1.25x), including qualified foreign financial institutions from foreign investment companies and swap agreements.

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