Initial supply of several hundred million dollars in Saudi Arabia

According to Tejarat News, Saudi Arabia’s “Alam” company is a digital security company owned by the Saudi sovereign wealth fund. The company seeks to earn $ 820 million from its initial public offering by selling its shares in a number of companies.

The price of this initial public offering varies from 113 Rials ($ 30) to 128 Rials. Registration for 24 million shares started today, Sunday, and will continue until Friday. The initial public offering comes as Middle Eastern countries seek to sell their shares in private companies and increase liquidity in their stock markets.

Quoted from BloombergThe sale comes after the government investment fund plans to invest more in the public market. To that end, the fund plans to invest $ 10 billion more in listed stocks. This year, the Saudi benchmark index has grown by 9% and increased its revenues by 30%.

The company was first established as a research company in Saudi Arabia in 1980 and has provided several online services to the Saudi government. Like the Absher platform, which allowed residents and citizens to carry out transactions such as paying traffic fines. The company, based in Riyadh, Saudi Arabia, also designed a system to manage the entry of foreign pilgrims to visit Mecca and Medina.

Riyadh is the financial advisor and underwriter of this initial offering. After the order registration process, the sale will start on February 3 for four days.