Saudi contractor Mutlaq Al-Ghowairi Contracting Company (MGC) plans to raise between SAR2.6 billion and SAR3 billion ($690 million to $800 million) through its upcoming initial public offering (IPO) on the Saudi Exchange. As a result, the offering is attracting significant attention from investors seeking exposure to Saudi Arabia’s expanding construction sector.
The company has set the IPO price range between SAR11 and SAR12.50 per share. Meanwhile, institutional book-building began and will continue until June 4. Through this process, the company will assess investor demand before determining the final offer price.
MGC will offer 240 million shares, representing 30 percent of its total share capital, on the Saudi Exchange’s TASI main market. Consequently, both local and international investors will have an opportunity to participate in one of the Kingdom’s largest recent listings.
The retail subscription period will run from June 15 to June 17. In addition, the company has allocated 30 percent of the offered shares to retail investors. Therefore, individual investors will be able to participate alongside institutional investors.
The final share allocation is scheduled for June 21. Subsequently, the company will refund excess subscription funds on June 23. These steps follow the standard timetable for public offerings in the Saudi capital market.
The IPO comes as Saudi Arabia continues implementing major projects under Vision 2030. Furthermore, large investments in infrastructure, tourism, housing, and industrial development continue creating new opportunities for contractors across the Kingdom.
At the same time, MGC reported strong financial performance during the first quarter of 2026. The company generated revenue of SAR967 million and recorded a net profit of SAR202 million. Therefore, the results demonstrate solid operational momentum ahead of the listing.
Moreover, investors continue monitoring new IPO opportunities in Saudi Arabia as the Kingdom’s stock market expands. Recent listings have attracted strong demand, while economic reforms continue improving market participation and investor confidence.
In addition, Saudi Arabia’s development strategy continues supporting long-term growth across the construction industry. As new projects move forward, contracting companies such as MGC are expected to play an important role in delivering infrastructure and urban development plans.
Looking ahead, market analysts believe the IPO could strengthen MGC’s financial position and support future expansion. As a result, the company may gain greater capacity to pursue large-scale projects and increase its market presence across Saudi Arabia.
