blue geometric abstract technology and science background
Our Work

The Law Office of Salman M. Al-Sudairi and Latham Advise Elm on Its SAR3.072 Billion IPO

February 16, 2022
Leading Saudi digital firm lists on the Saudi Exchange’s Main Market.

The Law Office of Salman M. Al-Sudairi and Latham & Watkins have advised Elm Co., a leading Saudi firm in omni-channel e-government transformation, on its SAR3.072 billion (approximately US$819.2 million) initial public offering (IPO) and listing of ordinary shares on the Saudi Exchange’s Main Market.

The IPO involved the offer and sale of 24 million ordinary shares, representing 30% of Elm’s issued share capital. Of the total shares sold in the IPO, 70% were allocated to institutional investors and the remaining 30% to retail investors. The final offer price was set at SAR128 per share. The IPO order book was significantly oversubscribed.

Elm provides secure e-business services and information technology solutions to private and public sector businesses, as well as project support services and government project outsourcing in Saudi Arabia.

The team was led by principal and Latham partner Salman Al-Sudairi, with associates Najla Al-Gadi, Homam Khoshaim, Wassim El Mardini, and Aya AlHumaid.

Al-Sudairi commented: “We are delighted to have advised Elm and its shareholders on this milestone transaction. This IPO is a reflection of our strong capital markets practice in Saudi Arabia and underlines our knowledge and experience of Saudi’s high growth technology sector.”