Saudi Arabia's digital security firm Elm said on Sunday it has set an indicative price range for its initial public offering, aiming to raise as much as 3 billion riyals ($820 million).

Elm, owned by the kingdom's sovereign wealth fund, said in a statement it plans to sell 24 million shares at an indicative price of 113 to 128 riyals per share.

Reuters reported in May 2020 plans by Saudi Arabia’s Public Investment Fund to go ahead with a sale of shares to investors.

Elm, fully owned by the Public Investment Fund, and provides secure e-business services and information technology, as well as project support services and government project outsourcing in Saudi Arabia, according to its website.