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 byDerayah 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.
Company Profile
Company
Dar Albalad For Business Solutions Co.
Core Activities
Information technology
Capital
SAR 70 mln
Number of Shares
70 mln
Nominal Value
SAR 1
IPO Summary
Issue Percentage
30%
Offered shares
21 mln
Number of offered shares to retail investors
6.3 mln shares (or 30% of capital)
Minimum subscription limit (retail investors)
10 shares
Maximum subscription limit (retail investors)
100,000 shares
Offer period
From May 10-14, 2026
Final Allocation
May 18, 2026
Surplus refunds (if any)
May 21, 2026
Major Shareholders Before and After IPO
Shareholders
Before IPO
After IPO
Number of Shares
(mln)
Ownership (%)
Number of Shares
(mln)
Ownership (%)
Khalil Ibrahim bin Salama
17.83
25.47%
12.21
17.44%
Abdullah Ibrahim bin Salama
11.1
15.87%
7.46
10.66%
Abdulaziz Ibrahim bin Salama
11.11
15.87%
7.46
10.66%
Badr Ibrahim bin Salama
6.12
8.74%
4.11
5.87%
Basma Ibrahim bin Salama
5.96
8.52%
4.01
5.73%
Shaikha Eid Abdulaziz Aleid
5.70
8.14%
3.83
5.47%
Bassam Ibrahim bin Salama
5.36
7.66%
4.26
6.09%
Other shareholders
6.82
9.73%
5.66
8.08%
Public
—
—
21.0
30.0%
Total
70.0
100%
70.0
100%
Additional Information
Financial advisor, lead manager, underwriter and book runner
AlJazira Capital – Emirates NBD KSA
Receiving Agents
Derayah Financial – AlJazira Capital – Al Rajhi Capital – SNB Capital – ANB Capital – Riyad Capital – Albilad Capital –
AlistithmarCapital– Alinma Capital – Yaqeen Capital – Alkhabeer Capital– SAB Invest– Sahm Capital – GIB Capital – Musharaka Capital – BSF Capital – EFG Hermes KSA –Awaed Alosool Capital
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 byDerayah 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.
Company Profile
Company
Dar Albalad For Business Solutions Co.
Core Activities
Information technology
Capital
SAR 70 mln
Number of Shares
70 mln
Nominal Value
SAR 1
IPO Summary
Issue Percentage
30%
Offered shares
21 mln
Number of offered shares to retail investors
6.3 mln shares (or 30% of capital)
Minimum subscription limit (retail investors)
10 shares
Maximum subscription limit (retail investors)
100,000 shares
Offer period
From May 10-14, 2026
Final Allocation
May 18, 2026
Surplus refunds (if any)
May 21, 2026
Major Shareholders Before and After IPO
Shareholders
Before IPO
After IPO
Number of Shares
(mln)
Ownership (%)
Number of Shares
(mln)
Ownership (%)
Khalil Ibrahim bin Salama
17.83
25.47%
12.21
17.44%
Abdullah Ibrahim bin Salama
11.1
15.87%
7.46
10.66%
Abdulaziz Ibrahim bin Salama
11.11
15.87%
7.46
10.66%
Badr Ibrahim bin Salama
6.12
8.74%
4.11
5.87%
Basma Ibrahim bin Salama
5.96
8.52%
4.01
5.73%
Shaikha Eid Abdulaziz Aleid
5.70
8.14%
3.83
5.47%
Bassam Ibrahim bin Salama
5.36
7.66%
4.26
6.09%
Other shareholders
6.82
9.73%
5.66
8.08%
Public
—
—
21.0
30.0%
Total
70.0
100%
70.0
100%
Additional Information
Financial advisor, lead manager, underwriter and book runner
AlJazira Capital – Emirates NBD KSA
Receiving Agents
Derayah Financial – AlJazira Capital – Al Rajhi Capital – SNB Capital – ANB Capital – Riyad Capital – Albilad Capital –
AlistithmarCapital– Alinma Capital – Yaqeen Capital – Alkhabeer Capital– SAB Invest– Sahm Capital – GIB Capital – Musharaka Capital – BSF Capital – EFG Hermes KSA –Awaed Alosool Capital
