Qualified investors can begin subscribing today, June 17, to the initial public offering (IPO) of MSGA Investment Co.(9655.SA) on Saudi Arabia’s Nomu-Parallel Market.

The company is offering 11.11 million shares at SAR 6 per share, representing 11.11% of its pre-IPO capital and 10% of its capital after the offering and capital increase. The subscription period will remain open for six business days and is scheduled to close on June 24.

Following this offering, the total number of IPOs launched on Nomu since the beginning of 2026 will reach 28.

IPO Details

Before the offering, MSGA has a capital of SAR 100 million, divided into 100 million ordinary shares with a nominal value of SAR 1 each. Upon completion of the IPO, the company’s capital will increase to SAR 111.11 million, with the total number of shares rising to 111.11 million.

The minimum subscription amount has been set at 100 shares, while the maximum subscription limit is 5.55 million shares. Final allocation is expected on June 28, with any excess subscription refunds scheduled for June 30.

Yaqeen Capital is acting as the financial advisor and lead manager for the offering.

Eligible Investors

Participation in the IPO is restricted to qualified investors as defined by the Capital Market Authority (CMA).

Eligible participants include licensed capital market institutions and their managed clients, government entities and government-owned companies, GCC-based investment funds and institutions, as well as investment funds operating in Saudi Arabia.

Participation in the IPO is restricted to qualified investors as defined by the Capital Market Authority (CMA).

Eligible participants include licensed capital market institutions and their managed clients, government entities, government-owned companies, investment funds, and institutions established in GCC countries.

Individual investors may also participate, provided they meet at least one of the CMA’s qualification criteria. These include:

• Executing securities transactions worth at least SAR 20 million and completing a minimum of 10 trades in each quarter over the past 12 months;
• Holding net assets of at least SAR 5 million;
• Having at least three years of experience working in the financial sector;
• Holding the CMA-approved General Securities Qualification Certificate (GSC);
• Holding a professional certification in securities business recognized by an internationally accredited body; or
• Currently serving, or having previously served, as a board member or committee member of a company listed on Nomu.

The CMA approved MSGA’s listing application in March 2026.

Expansion Plans

MSGA stated that all proceeds from the IPO will be used to support its expansion strategy, strengthen its market position, and drive sustainable growth.

Following the offering, founder Muhammed Ali Saud Al-Saqri will retain a 90% stake in the company, while qualified investors will collectively own the remaining 10%.

Company Overview

Established in Riyadh in 2020, MSGA Investment operates in the real estate sector, focusing on real estate development and investment through the construction and development of residential and non-residential projects.

The company primarily targets the affordable housing segment and also provides contracting, real estate development, and brokerage services. It owns a subsidiary, MSGA Al Oula Real Estate Development Co.

Financial Performance

MSGA generated revenue of approximately SAR 143 million during the first nine months of 2025.

Residential unit sales remained the company’s primary revenue driver, contributing SAR 135.2 million, or 94.5% of total revenue during the period.

Additional revenue sources included SAR 6.87 million from contracting and third-party development services, SAR 0.89 million from real estate brokerage activities, and SAR 56,800 in rental income.

Compared with revenue of SAR 36.2 million recorded in 2024, the company reported significant growth in its operations during the first nine months of 2025.

The brokerage revenue was generated from two land sale transactions completed in February and April 2025, while rental income came from a commercial drive-through property in Riyadh leased to a third party.