#Saudi IT Firm to Press Ahead with IPO Despite War Uncertainty - Bloomberg

Saudi IT Firm to Press Ahead with IPO Despite War Uncertainty - Bloomberg

Saudi Arabian information technology services firm Dar Al Balad Business Solutions Co. is pressing ahead with plans to list on the kingdom’s stock exchange despite the disruptions caused by the regional conflict.

A shareholder of the firm plans to offer 21 million shares, representing a 30% stake, according to a statement Tuesday. The institutional book-building will run between Apr. 26 and Apr. 30, with AlJazira Capital and Emirates NBD arranging the offering.

The first-time share sale is expected to fetch less than $75 million, according to people familiar with the matter. Representatives for the firm did not respond to a request for comment.

Dar Al Balad is the first in the Gulf to launch a share sale since the war broke out on Feb. 28.

Saudi Arabian stocks proved to be resilient throughout the conflict, with higher oil prices boosting heavyweights such as Aramco, even as production and exports have been hampered by a series of strikes on critical energy infrastructure.

Leading stock markets across the region have rebounded since the US and Iran agreed to a ceasefire earlier this month, though they’ve pared some of those gains amid uncertainty over the future of the peace talks.

Other Saudi firms, including a contractor and a real estate developer, are also pressing ahead with plans to list before their regulatory approvals expire in June, Bloomberg News has reported.

Initial public offering volumes have slumped across the Gulf so far this year — a slowdown that began even before the Iran war started.

Still, two smaller Gulf companies that have listed since the conflict began have posted strong gains: Kuwaiti convenience store operator Trolley General Trading Co. and Saudi Arabian miner Saleh Abdulaziz Al Rashed & Co., which are up about 42% and 30%, respectively.

Dar Al Balad was founded in 2001 by a former executive at chemicals giant Saudi Basic Industries Corp. and provides IT services and business solutions. It reported 315 million riyals ($84 million) in revenue and 51 million riyals in net profit in 2025, according to its prospectus.