(Bloomberg) — A digital security firm owned by Saudi Arabia’s wealth fund drew about $57 billion in orders from institutional investors, in the latest sign of strong demand for share sales in the Middle East.
Elm Co. drew orders worth 213.2 billion riyals from the institutional part of its IPO, which was 69.5 times oversubscribed. Local investors placed orders worth 206 billion riyals.
Share sales in Saudi Arabia have seen huge investor demand over the past year. Most listings have priced at the top of the range and shares have surged on their trading debut.
More Saudi IPOs Price at Top of Range as Demand for Deals Surges
Elm is selling 24 million shares at 128 riyals apiece, an offering that may raise as much as $820 million. Riyad Capital is the financial adviser and underwriter for the IPO, which opens for retail investors for four days from Feb. 3.
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