Shaimaa Hefzy

Individual subscriptions to the initial public offering of Saudi business solutions company Dar Al Balad, which operates in information technology services, were covered by 375.71% on the main market, according to a statement on Tadawul on Monday.

Dar Al Balad intends to raise approximately 204.8 million Saudi riyals ($54.6 million) from an initial public offering of 30% of its shares. The offering was oversubscribed 66.6 times during the book-building period for the total shares offered, with the possibility of allocating 30% of the offering shares to individuals if there is sufficient demand.

According to the statement, the subscription period for individual investors, which took place during May 10-14, saw subscriptions from 90,200 investors, and the total demand in this segment amounted to about 231 million riyals.

The final share price in the offering was set at 9.75 riyals per share, at the upper limit of the price range, which was between 9.25 and 9.75 Saudi riyals per share.

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: Shaimaa Hefzy, for contact: zawya.arabic@lseg.com)

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