PIF-owned Elm hires IPO adviser: report

Logo of Elm

Elm, a digital security firm owned by the Public Investment Fund (PIF), hired Riyad Capital to advise on a planned initial public offering (IPO), Bloomberg reported, citing people familiar with the matter.

The company's estimated value is at $2 billion (SAR 7.5 billion), with the company aiming to complete the sale of shares on the Saudi market by next year.

The IPO could see the PIF selling off a stake of up to 30%, the report said, adding talks are at an early stage, and details of the offering could change.

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