Baker McKenzie advises Dar Albalad on TASI IPO

Baker McKenzie has advised Dar Albalad for Business Solutions on its initial public offering on Saudi Arabia’s Tadawul All-Share Index (TASI), raising SAR 204.8 million (approximately USD 54.6 million).

Deal details

The IPO involved the offering of 21 million ordinary shares, representing 30% of the company’s share capital, priced at SAR 9.75 per share (approximately USD 2.60). The transaction implied a market capitalisation of SAR 682.5 million (approximately USD 182 million) at listing. Dar Albalad was listed on TASI on 20 May 2026, following approval from the Capital Market Authority (CMA) on 31 December 2025.

Al Jazira Capital acted as financial advisor, lead manager and underwriter on the transaction, with Emirates NBD Capital KSA serving as joint bookrunner.

Legal team

Baker McKenzie’s capital markets team was led by partner Khalid Alyafi (pictured), supported by associates Hayat AlAbdulwahed and Khalid AlAhmary.