The book-building process for institutional investors has been initiated by Mutlaq Al-Ghowairi Contracting Co. (MGC), as announced by Al Rajhi Capital—serving as the lead manager, financial advisor, bookrunner, and underwriter—alongside Morgan Stanley Saudi Arabia, acting as financial advisor, bookrunner, and underwriter.

According to a Tadawul announcement, the price range for the company's prospective initial public offering (IPO) on the Main Market (TASI) has been established at SAR 11 to SAR 12.5 per share.

MGC intends to float 240 million shares on TASI, representing 30% of its share capital. The company operates with a total capital of SAR 800 million, which is divided into 800 million shares with a nominal value of SAR 1 each.

The subscription period for retail investors is scheduled to run from June 15 to June 17.

MGC CEO Reports 85% Profit Surge in Q1 2026 and SAR 10.6B Backlog

Mutlaq Al-Ghowairi Company (MGC) achieved robust financial results in the first quarter of 2026. CEO Omar Al-Dalbahi stated that contract revenues climbed by 59% to reach SAR 967 million, and net profit surged by 85% to SAR 202 million, while the company's EBITDA margin held steady at 23%.

Highlighting substantial long-term prospects within its primary sectors, Al Dalbahi pointed to projections indicating that the value of EPC (Engineering, Procurement, and Construction) projects in Saudi Arabia will hit SAR 7.4 trillion between 2025 and 2030. This includes approximately SAR 3 trillion allocated to the water, transport, and urban development sectors, where MGC actively operates.

The CEO emphasized that MGC continues to prioritize the execution of large-scale, premium projects. The company is committed to maintaining a disciplined approach to project selection, enhancing operational efficiency, and managing costs effectively. Furthermore, he noted that MGC has a track record of distributing between 60% and 80% of its annual net profits to shareholders.

Additionally, Al Dalbahi outlined specific details regarding the company’s upcoming IPO, its core business model, financial metrics, market expectations, and overall strategic priorities.