RIYADH: A digital security firm owned by Saudi Arabia’s Public Investment Fund (PIF) has hired Riyad Capital to advise on a possible IPO, Bloomberg reported.
Digital security firm Elm has hired Riyad Capital to advise on the share sale that could value the company at about $2 billion, according to people familiar with the matter.
The IPO could see the PIF selling off a stake of up to 30 percent, the people said, asking not to be identified as the information is private.
Elm is aiming to complete the sale of shares on the Saudi stock exchange by next year, Bloomberg said.
Deliberations are at an early stage, and details of the offering could change.
State-controlled firms in Saudi Arabia are increasingly looking at ways to take advantage of soaring investor demand for new offerings while also raising money to help fund efforts to diversify the economy away from oil.
Two other PIF companies — stock exchange Tadawul and Acwa Power — are both expected to sell shares on the Saudi bourse this year, while Saudi Telecoms Co. and Saudi Basic Industries Corp. are planning to offer stakes in subsidiaries, Bloomberg said.
Saudi PIF-owned digital security firm said to hire IPO adviser
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Saudi PIF-owned digital security firm said to hire IPO adviser
- The IPO could see the PIF selling off a stake of up to 30 percent
Closing Bell: Saudi main index slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
