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Saudi Arabia-based IT services provider Dar AlBalad for Business Solutions is planning to list on Tadawul following an IPO of 21 million shares, or 30% of its share capital.
This could be the first planned public share sales in the GCC after the outbreak of the Iran war, which disrupted deal pipelines and d new dampened equity issuance across the region.
Institutional book‑building is expected to run from April 26 to April 30, 2026, followed by a retail subscription from May 10 to May 14. Final allocation is scheduled for May 18, with refunds due by May 21, and trading expected to start shortly afterward on Tadawul, subject to approvals. A six‑month lock‑up will apply to the controlling shareholder.
Dar AlBalad will retain a 64.5% after the IPO, down from 96% pre‑listing, preserving effective control. Around 1.5% of shares will be held as treasury stock for an employee share scheme.
Dar AlBalad’s main businesses include delivering IT managed services, IT consulting, business managed services and providing IoT solutions to banks, insurers, telecoms and public‑sector entities. In early 2025, the group diversified into industrial services by acquiring GSC Solutions, which provides industrial maintenance, chemical reclamation, and specialty chemicals to energy and petrochemical clients, including Saudi Aramco and SABIC.
AlJazira Capital is the financial adviser, lead manager, joint bookrunner and underwriter while Emirates NBD Capital KSA will act as joint bookrunner. Baker McKenzie is the legal adviser and Ernst & Young is the financial due‑diligence adviser.
(Writing by Ahmad Mousa; editing by Seban Scaria)
