Elm, the digital security firm owned by Saudi Arabia’s Public Investment Fund (PIF), is exploring a roughly $2 billion initial public offering (IPO), Bloomberg reports.
The PIF has hired Riyad Capital to advise on a planned IPO, aiming to sell shares on the Saudi stock exchange 2022, unidentified people told Bloomberg, asking not to be named because the information is private.
The IPO could see the kingdom’s Public Investment Fund selling off a stake of up to 30%.
Bloomberg notes that deliberations are at an early stage, and details of the offering could change.
Elm would follow the Saudi stock exchange Tadawul and energy company Acwa Power, which are both expected to sell shares on the Saudi bourse this year.
Per the Bloomberg report, Crown Prince Mohammed Bin Salman said last month in an interview on Saudi TV that the PIF “shouldn’t hold on to assets,” saying “we should dispose of any mature asset,” giving Elm as an example.
Last month, another fintech company, 9-month old Saudi startup Tamara, raised $110 million in a Series A round led by leading global payment processor Checkout.com.
