Elm provides secure e-business services and information technology<\/a>, as well as project support services and government project outsourcing in Saudi Arabia, according to its website.
Saudi Arabia has had a surge in IPOs since it listed oil giant Saudi Aramco in a record $29.4 billion listing in 2019.
Saudi Arabia is also encouraging more family-owned companies to list in a bid to deepen its capital markets under a reform push aimed at cutting the kingdom's reliance on oil revenues.
The sale of Elm's stake by the $480 billion Public Investment Fund<\/a> is another move by the fund to monetise some of its assets through the equity capital market. In December, it raised $3.2 billion through the sale of a 6% stake in Saudi Telecom<\/a> in a secondary share offering.
The country's bourse operator Tadawul, which is also partly owned by the PIF<\/a>, listed last year in a $1.01 billion IPO<\/a>.
Tadawul said in December it had 50 applications from companies for IPOs this year and is considering whether to allow blank-cheque companies, known as SPACs, to list.
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