Dar Al Balad for Business Solutions priced its Tadawul IPO at the top of the indicated range, setting the final offer price at SAR 9.75 per share, after the institutional tranche was 66.6x oversubscribed.

The deal marks the first Gulf IPO since the conflict escalated in late February, offering an early signal that institutional investors remain willing to deploy capital into Saudi Arabia and the wider region, despite geopolitical uncertainty. 

At the offer price, the company is valued at around SAR 682 million ($182 million).

Retail subscription runs from 10-14 May, with up to 30% of the offering allocated to individual investors. Final allocations are due on May 18.

AlJazira Capital is acting as financial advisor, lead manager, and underwriter, with Emirates NBD as joint bookrunner. Baker McKenzie is legal counsel.

The Capital Markets Authority (CMA) last month approved bottled water company Berain to float 30% of the company on Tadawul’s main market, potentially making it the second bottled water stock on TASI after Naqi.

(Writing by Ahmad Mousa; editing by Seban Scaria)
Ahmad.mousa@lseg.com