Baker McKenzie has acted as sole transaction legal counsel to Dar Albalad for Business Solutions Company (“the Company”), a leading IT solutions provider in the Kingdom, on its successful Initial Public Offering (IPO) on Saudi Arabia’s main market, Tadawul All-Share Index (TASI), raising SAR 204.8 million.
Completed amid heightened regional complexity and challenging market conditions, the IPO underscores both Dar Albalad’s strength as a business and the continued maturity and resilience of the Saudi capital market. The offering was more than 66 times oversubscribed, reflecting sustained investor appetite for high-quality Saudi issuers and demonstrating the Kingdom’s ability to deliver major capital markets transactions with confidence despite broader market volatility.
Baker McKenzie’s Capital Markets team advising on the transaction was led by Partner Khalid Alyafi, supported by Associates Hayat AlAbdulwahed and Khalid AlAhmary. Their combined expertise ensured the successful execution of this complex transaction.
The team provided end-to-end legal support throughout the IPO, which involved the offering of 21 million ordinary shares, representing 30% of the Company’s share capital. The shares were priced at SAR 9.75 per share (equivalent to approximately USD 2.60), implying a market capitalization of SAR 682.5 million (approximately USD 182 million) at listing. Dar Albalad was successfully listed on 20 May 2026, following approval from the Capital Market Authority (“CMA”) on 31 December 2025.
AlJazira Capital acted as financial advisor, lead manager and underwriter on the transaction, with Emirates NBD Capital KSA serving as joint bookrunner.