RIYADH: Instiutional investors are rushing into buying shares of Saudi Arabia’s digital security firm Elm Co. Riyad Capital the financial advisor, bookrunner, and lead manager of the initial public offering of Elm"s shares said that the book-building process is completed with institutional offering being 69.5 times oversubscribed, drawing orders of nearly SR213.2 billion ($57 billion). Local Investors poured SR206 billion, while GCC investors, including Gulf sovereign funds, investment funds, and companies, put in SR 3.4 billion. Foreign Investors part was SR3.8 billion, Riyad Capital said in a bourse filing. Elm floated 24 million shares of its SR800 million capital, of which 70 percent of the shares were allocated to institutional investors while the rest allocated to retail investors. The Riyadh-based company plans to collect up to SR2.98 billion ($816 million) from its initial public offering, according to a bourse statement. Fully owned by the Public Investment Fund, Elm has set its final offer price per share at SR128 ($34), the top end of the proposed range. For retail investors, the subscription period is scheduled for Feb. 3 and will run until Feb. 6, with 7.2 million shares offered. Elm provides secure e-business services and information technology solutions to private and public sector businesses in the Kingdom.