Saudi’S MGC targets $800m from local listing

Saudi contractor Mutlaq Al-Ghowairi Contracting Company (MGC) expects to raise between SAR2.6 billion and SAR3 billion ($690 million-$800 million) from its listing on the local stock exchange.

The developer has set the price range for its initial public offering at SAR11-SAR12.50 per share, with bookbuilding for institutional investors running until June 4.

MGC will offload 30 percent of its share capital, or 240 million shares, on the main Saudi Exchange’s Tasi market.

The retail subscription period will run from June 15 to 17, with 30 percent of the total offered shares allocated to the retail tranche. The final allocation of shares will be announced on June 21, with a refund of excess subscription on June 23.

The Capital Market Authority, the market regulator, approved the IPO on December 31.

The shares will be listed following completion of the listing requirements.

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Riyadh-based MGC, which was established in 1977, offers contracting and infrastructure services to Saudi government ministries and the giga-project Neom, according to the company’s website.

The contractor reported a net profit of SAR202 million and revenue of SAR967 million for the first quarter of 2026. No comparative figures were given.

Last month the retail tranche of Dar Albalad for Business Solutions Company’s IPO was 376 percent oversubscribed, with orders totalling SAR231 million.

AGBI reported in April that the value of new listings on the Saudi Tadawul for the first quarter of 2026 hit an eight-year low as poor recent performances and the Iran war held back new IPOs.

So far this year just a single company, quarrying and construction materials firm Saleh Abdulaziz Al Rashed & Sons, has listed on the main market after raising $67 million through an IPO.