Mutlaq Al-Ghowairi (MGC) Sets Saudi IPO Price Range, Seeking Up to SAR 3 Billion for a 30% Stake
Mutlaq Al-Ghowairi Contracting (MGC) set its IPO price range at SAR 11 to 12.5 per share and opened the institutional book-build on Sunday, seeking up to SAR 3.0 billion (about $800 million) for a 30% stake. It is the first major Gulf listing of 2026.
Saudi Arabia's Mutlaq Al-Ghowairi Contracting Company (MGC) set the price range for its initial public offering on Sunday and opened the institutional book-build, putting the first major Gulf listing of 2026 in front of investors. Shareholders are selling 240 million shares, a 30% stake, at SAR 11 to SAR 12.5 each. At the top of the range the sale raises up to SAR 3.0 billion (about $800 million) and values the company at SAR 10 billion.
The deal is a secondary offering. The shares come from existing owners rather than newly issued stock, so the proceeds flow to the selling shareholders and not to the company's balance sheet. Current owners keep 70% after the listing.
Timeline. The institutional book-build opened Sunday, May 31, and runs until 3:00 p.m. Saudi time on Thursday, June 4. Retail subscription follows from June 15 to June 17, and trading on the Main Market is expected to begin around June 22 once shares are allocated. The Capital Market Authority cleared the 30% float earlier in the process, and MGC published its prospectus on May 14.
The banks. Al Rajhi Capital and Morgan Stanley Saudi Arabia are joint financial advisors and bookrunners. The underwriting syndicate also includes anb capital, Emirates NBD Capital, Arqaam Capital and Albilad Capital.
The company. Founded in Riyadh in 1977, MGC builds and maintains infrastructure across the water, transportation and urban development sectors, work tied closely to the Kingdom's spending under Vision 2030.
Why it matters. This is the first large IPO in the Gulf this year and the first since the US-Iran conflict disrupted regional trade and energy flows. A fully covered book at this size would be an early read on how much appetite has returned to Saudi primary markets after a quiet stretch. The final price is set after the institutional tranche closes on June 4.
IPO Size
Up to SAR 3.0B
Total proceeds the selling shareholders seek at the top of the price range, roughly $800 million.
Price Range
SAR 11 to 12.5
Per-share range guiding institutional bids during the book-build before the final price is fixed.
Stake Offered
30%
240 million existing shares sold by current owners in a secondary offering, so no new capital is raised for the company.
Implied Valuation
SAR 10B
Equity value at the top of the range, about $2.67 billion, based on 800 million shares outstanding.
