Saudi IT Company Dar Albalad Launches First GCC IPO Since Iran War Began

Gate News message, April 22 — Dar Albalad for Business Solutions Company, a Saudi IT services provider, is pursuing the first initial public offering in the Gulf Cooperation Council (GCC) region since the start of the Iran war. The company will float 21 million shares, representing 30 percent of its total share capital on the Saudi Exchange, with book-building scheduled to begin on April 26.

Dar Albalad serves both private and public sectors across Saudi Arabia. Chairman Abdullah Al-Juraish stated in the IPO prospectus that the listing capitalizes on growing demand for IT services driven by Vision 2030, Saudi Arabia’s economic diversification initiative. The company plans to expand its service portfolio into advanced cybersecurity and artificial intelligence solutions, supported by recent market entry into Bahrain and Qatar.

Separately, bottled water brand Berain Company was also approved on Tuesday to list 66 million shares on the Saudi Exchange. Berain is jointly owned by Hassana Investment Company, the investment arm of Saudi Arabia’s General Organization for Social Insurance, and Riyadh-based Rajhi Invest. The company has until October to pursue an IPO.

Dar Albalad is presently the only company with a released prospectus for the main market and stands to be the second new listing in 2026. New listings in Saudi Arabia dropped to an eight-year low in the first quarter, with only one company listing and raising $67 million. Last year, IPOs on the main market raised $3.9 billion, compared to $4.1 billion in 2024.