Saudi Wealth Fund-Owned Digital Security Firm Hires IPO Adviser - Bloomberg
A digital security firm owned by Saudi Arabia’s sovereign wealth fund has hired Riyad Capital to advise on a planned initial public offering that could value the company at about $2 billion, according to people familiar with the matter.
Elm is aiming to complete the sale of shares on the Saudi stock exchange by next year, the people said, asking not to be identified as the information is private. The IPO could see the kingdom’s Public Investment Fund selling off a stake of up to 30%, they said.
Deliberations are at an early stage, and details of the offering could change. Elm and the investment banking arm of Riyad Bank didn’t immediately respond to requests to comment.
The PIF, as the wealth fund is known, and other government-controlled firms are pushing ahead with plans to raise money through selling stakes in a raft of companies over the next year.
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