Dar Albalad launches retail subscription for 6.3M shares at SAR 9.75

Dar Albalad is the second IPO on TASI this year

Retail investors start today, May 10, subscribing to 6.3 million shares of Dar Albalad for Business Solutions on the Main Market (TASI) at SAR 9.75 per share, based on the price determined through the book-building process.

The retail offering will run for five days until May 14.

The retail tranche represents 30% of the total shares on offer.

On Dec. 31, 2025, the Capital Market Authority (CMA) approved the company’s application to float 21 million shares on TASI, representing 30% of its SAR 70 million capital, divided into 70 million shares, at a par value of SAR 1 each.

The company’s institutional offering, which ended last week, was 66.6x covered.

This is the second IPO on TASI this year after Saleh Abdulaziz Al Rashed & Sons Co. (SAR) on Feb. 12.

TASI witnessed 13 IPOs last year, following listings by Derayah Financial Co. on Feb. 20, Arabian Company for Agricultural & Industrial Investments (Entaj) on Feb. 26, and Umm Al Qura for Development and Construction Co. (Masar) on May 5. This is in addition to United Carton Industries Co. (UCIC) on May 27, flynas Co. on June 18, Specialized Medical Co. (SMC) on June 25, Sport Clubs Co. on July 8, Dar Al Majed Real Estate Co. (Al Majdiah) on Aug. 14, Marketing Home Group for Trading Co. on August 19, Cherry Trading Co. on Nov. 12, Almasar Alshamil Education Co. on Nov. 18,  Consolidated Grünenfelder Saady Holding Co. (CGS)  on Nov. 26 and  Alramz Real Estate Co. on Dec. 7.

Key Company Information

Founded in 2001 as a sole proprietorship under Dar Albalad Commercial Establishment, Dar Albalad initially operated under the name Dar Albalad Information and Technology Establishment with a capital of SAR 25,000.

In 2020, the company converted into a limited liability company under the name Dar Albalad Maintenance and Operations Co. A year later, it expanded internationally after executing its first overseas projects. In 2024, it rebranded as Dar Albalad for Business Solutions Co., before becoming a closed joint-stock company in 2025.

The company’s core activities include managed IT services, IT consulting services, managed business services, and the development of smart IoT solutions for the financial and government sectors.

The company is headquartered in Riyadh, with branches in Jeddah and Bahrain, in addition to a branch in Qatar operated through its subsidiary. The company serves clients across the GCC and the Middle East and maintains commercial partnerships in the US. It also operates a 10,000-square-meter industrial facility in Dammam.

Dar Albalad acquired 100% of GSC Solutions under an agreement signed in January 2025. Prior to the transfer, the subsidiary was directly owned by Dar Albalad Commercial Establishment.

Following the acquisition, the company diversified its operations into business and industrial solutions, delivering its services through three business lines:

Business solutions: managed IT services, IT consulting services, and managed business services.

Industrial solutions: provided through the subsidiary, including industrial chemical impurity purification and industrial maintenance services.

Specialized services: including smart IoT solutions and industrial supply services.

Client Base

According to the prospectus, the company serves more than 60 clients across the public and private sectors, with increasing concentration in the financial sector in recent periods due to growth in major accounts.

Its clients operate across software and services, government, capital markets, insurance, healthcare, telecommunications, industrial sectors, and others.

Subsidiary

The company has one subsidiary, GSC Solutions, formerly known as Global Specialty Chemicals Co., which was acquired from Dar Albalad Commercial Establishment in January 2025. The subsidiary specializes in industrial solutions.

It operates an industrial facility in Dammam used to blend externally sourced chemicals into specialized products tailored to client needs.

The facility also provides industrial chemical impurity purification services, whereby materials are received, processed, and returned to clients. In addition, the site serves as a logistics hub for storing raw materials and finished products before distribution.

Revenue Performance

The company generated revenue of SAR 294.7 million in 2025, compared to SAR 243.3 million in 2024, a growth of 21%.

Net profit rose to SAR 50.5 million in 2025 from SAR 39.6 million in 2024, marking an increase of 28%.

The growth was attributed primarily to continued expansion in the company’s core operations, particularly managed IT services, IT consulting services, and managed business services, alongside contributions from industrial activities following the acquisition of GSC Solutions in January 2025.

Revenue in 2024 was distributed across managed IT services, IT consulting services, and managed business services, contributing 51%, 36%, and 13%, respectively.

During the six months ended June 30, 2025, managed IT services, IT consulting services, and managed business services accounted for approximately 47%, 32%, and 12% of revenue, respectively. The company indicated that its core operating activities continue to serve as the primary growth driver.

Revenue generated by subsidiary GSC Solutions contributed around 9.1% of the group’s total revenue during H1 2025.