Saudi's Mutlaq Al‑Ghowairi Contracting will open its IPO book‑building for institutional investors between May 31 and June 4, 2026, followed by a retail subscription window from June 15 to June 17. The price range will be announced on May 31.

The company is offering 240 million shares, equivalent to 30% of its capital. Trading is expected to begin after allocation, scheduled by June 22.

Proceeds from the sale will go to existing shareholders, who will retain 70% ownership after the listing.

Al Rajhi Capital and Morgan Stanley Saudi Arabia are acting as joint financial advisors and bookrunners on the transaction, alongside a syndicate that includes anb capital, Emirates NBD Capital, Arqaam Capital and Albilad Capital. Legal advisor is Kirkland & Ellis International.

The contractor reported net profit of SAR 1.2 billion in 2024, down about 18.7% year-on-year from SAR 1.49 billion in 2023.

Founded in 1977, the firm focuses on infrastructure EPC and maintenance projects in water, transport and urban development, aligned with Saudi Arabia’s Vision 2030 investment pipeline.

(Writing by Ahmad Mousa; editing by Daniel Luiz)
Ahmad.mousa@lseg.com