A digital security company owned by Saudi Arabia’s sovereign wealth fund has withdrawn approximately $ 57 billion in institutional orders as the latest sign of strong demand for stock sales in the Middle East.
Elm Co. withdrew 213.2 billion SAR worth of orders from the IPO’s institutional sector, which was 69.5 times more oversubscribed. Local investors have placed orders worth 206 billion SAR.
The sale of Saudi Arabia’s shares has seen enormous investor demand over the past year.
Most lists were priced at the top of the range and stocks soared at their trading debut.
Elm sells 24 million shares per share on SAR128, which could raise as much as $ 820 million.
Riyad Capital is an IPO financial adviser and underwriter open for individual investors from February 3rd to 4th.
https://gulfbusiness.com/saudi-arabias-elm-draws-57bn-in-institutional-orders/ Saudi Arabia’s Elm withdraws $ 57 billion on institutional orders