Riyadh – Mubasher: Mutlaq Al Ghowairi Contracting Company (MGC) plans to proceed with an initial public offering (IPO) on the Main Market of the Saudi Exchange (Tadawul), according to a press release.
The Capital Market Authority (CMA) approved the company’s IPO to list 240 million shares, representing 30% of the issued capital, on Tadawul.
Meanwhile, the final offer price will be determined at the end of the book-building period.
MGC will not issue new shares as part of the transaction, as the proceeds of the offering, after deduction of the expenses, will be distributed to the selling shareholders on a pro-rata basis.
The CEO of MGC, Omar Al Dalbahi, said: “MGC is entering the public markets from a position of strength. We have a robust backlog of work scheduled for execution and an attractive pipeline. This provides greater revenue visibility and drives business momentum.
MGC is one of the kingdom's leading infrastructure engineering, procurement, and construction (EPC) contractors that focuses on building, operating, and maintaining mega infrastructure projects in the water, transport, and urban development sectors.
In the first quarter (Q1) of 2026, the company generated net profits valued at SAR 202 million and revenues amounting to SAR 967 million.
