Amna Assem

The share price of Dar Al Balad Business Solutions, a Saudi company operating in information technology services, jumped on the first day of trading on the main market on Wednesday, following strong coverage of the initial public offering.

By 11:48 AM Saudi time, the share price was trading at 12.14 riyals ($3.23) per share, compared to the subscription price of 9.75 riyals per share, an increase of 24.5%.

The company – which is the second initial public offering on the Saudi stock exchange this year – raised approximately 204.8 million Saudi riyals ($54.6 million) from an initial public offering of a 30% stake in its shares.

The offering was oversubscribed 66.6 times during the book-building period for the total shares offered, while the 30% allocated to individual subscribers was oversubscribed by 375.71%.

Dar Al Balad Business Solutions has been operating in information services for more than 25 years, and has since expanded its activities to include industrial maintenance and waste reduction services. It operates in Saudi Arabia and has branches in Bahrain and Qatar that partially support its operations in the GCC, Middle East and North Africa region, and has plans to expand its services to include artificial intelligence and cybersecurity solutions.

(Prepared by: Omnia Assem, Edited by: Shaimaa Hefzy, Contact: zawya.arabic@lseg.com)

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