The IPOX® Watch - Elm Co.
Company Description
Established in 1988, Elm Co (previously known as Al-Elm Research and Development Company/Al-Elm Information Security Company) is a digital solution provider headquartered in Riyadh, Saudi Arabia. The company offers a wide range of integrated digital security solutions to convert traditional procedures into electronic transactions. Elm, through its seven subsidiaries also provides professional services Including consultation services and data analysis, business process outsourcing, and human resources services.
Business Model
Elm generates revenues primarily through digital services provided. Elm also generates income through outsourcing, customized IT solutions, and professional services.
IPO History
On 02/16/2022, Elm Co began trading on the Saudi Stock Exchange (Tadawul) led by Riyad Capital. The Saudi Arabia’s sovereign wealth fund wholly-owned digital security firm offered 24 million shares (all from the selling shareholder, the Public Investment Fund) at SAR 128.00 per share, high-end of its expected price range (SAR 113 - 128). Elm Co was valued at ca. SAR 10.24 billion at offer. The shares opened at 140.80 riyals and closed the first day higher at SAR 166.40 (+30.00%).
The sovereign wealth fund of Saudi Arabia, the Public Investment Fund (PIF) continues to own 70% of the Company following the initial public offering.
Elm Co was included in the IPOX® International Index (ETF: FPXI US) on 03/21/2022, and currently weighs ca. 0.24% of the portfolio.
Performance Review
Since inclusion
in the IPOX® International (ETF: FPXI)
+ 46.98%
YTD
+ 131.03%
