Retail tranche of first Saudi IPO since war in demand

• Dar Albalad 376% oversubscribed
• More than 90,000 subscribers
• Each to receive at least 10 shares

The retail tranche of Dar Albalad for Business Solutions Company’s initial public offering was 376 percent oversubscribed, with orders totalling SAR231 million ($62 million).

More than 90,000 individuals subscribed at a final price of SAR9.75 per share, the IT services provider said in a statement to the Saudi Exchange (Tadawul).

Each subscriber is set to receive at least 10 shares of the 6.3 million shares allocated to the tranche.

The retail offering ran from May 10 to 14.

The book-building process for the institutional tranche earlier this month was 67 times oversubscribed.

Dar Albalad, which serves the private and public sectors, announced the flotation of 21 million shares in April, representing 30 percent of its share capital on the local bourse. It will be the first listing in the GCC since the start of the Iran war.

No date was given for the listing, which will take place after all listing formalities are completed.

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Dar Albalad’s share capital stands at SAR70 million. It is based in Riyadh and operates across Saudi Arabia and the GCC, backed by a workforce of more than 850 employees.

Last year companies raised $3.9 billion from IPOs on the Tadawul, just shy of the $4.1 billion raised in 2024.

New listings dropped to an eight-year low in the first quarter of 2026, with only the quarrying and construction materials firm Saleh Abdulaziz Al Rashed & Sons listing on the exchange, raising $67 million.