Elm announces the offer of 30% of its capital in the Saudi market

Elm Company has announced the prospectus to offer 24 million shares, representing 30% of the capital of 800 million riyals, for public subscription in the main Saudi market Tadawul.

The prospectus indicated the registration period of applications for the participating categories The order book creation process will start from From 23 January 2022 and lasts 6 days, ending on Friday 28 January 2022.

The prospectus stated that the subscription period for individuals starts on Thursday, February 3, 2022 and will last 4 days.

The number of shares offered that will be initially allotted to the participating classes is 24 million shares, representing 100% of the total offer.

For individual subscription, a maximum of n. 7.2 million shares of the Shares in Offer, equal to 30% of the total of the Shares in Offer.

Elm is a Saudi public company, owned by the Public Investment Fund, and provides a wide range of ready-made and customized digital solutions in many fields.

The company owns a large share of the information technology market in the Kingdom, which amounted to 101 billion riyals in 2020, and the number of internet users is 95% of the total population and the number of active users of the social media is 72%, and the Internet use penetration rate in the Kingdom is close to that of Other rates in developed countries.

The company said it targets 4 main sectors in the Kingdom, with a market size of 54.9 billion riyals, according to 2020 statistics, which are technical solutions, business process assignment, operations management, consulting and resource services human.

Alam achieved revenues of around 1.791 billion riyals in the first half of 2021, while profits in the same period recorded around 279 million riyals.

Elm is affiliated with 7 companies: (Saudi Arabia for electronic information exchange “Taqwad”, Expertise Supply, Elm Technical Investment Company, Umrah Distinguished Services, Future Resources Ltd., Asdam Digital Free Zone Company, Alam Arkan Information Systems Technology).

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