Darco eyes IPO on Tadawul by 2025-end: CEO

Darco CEO Omar Al-Qahtani

Darco Developments Co. is working to offer its shares for public subscription on the Saudi Exchange (Tadawul), said CEO Omar Al-Qahtani, adding that it has appointed financial advisors and aims to file with the Capital Market Authority for the potential IPO by the end of 2025.

In an interview with Argaam on the sidelines of the Restatex exhibition held in Riyadh, the CEO added that the company is specialized in residential units (apartments), and its capital currently amounts to about SAR 1.5 billion.

He pointed out that Darco has units under construction worth more than SAR 700 million, revealing that it is currently holding discussions with the National Housing Co. (NHC) to attract projects, especially residential apartments.

Al-Qahtani also indicated that, as per to the company's annual plan, nearly 3,000 residential units have been developed and sold.

During 2024, the company is working to add a new target, both in the cities of Jeddah and Riyadh. It has expanded its target in Riyadh this year to SAR 600 million, in addition to following up on market movements and the situation of SIBOR in general, he added.