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Saudi Arabia’s Mutlaq Al-Ghowairi Contracting Co. (MGC) has set the price range for its initial public offering (IPO), aiming to raise up to SAR 3 billion ($800 million) in what is set to be the first large GCC listing since the US-Israel war with Iran began in late February.
The contractor’s shareholders are offering 240 million shares, or a 30% stake, priced between SAR 11 and SAR 12.5 per share. At the top of the range, the company would be valued at about SAR 10 billion.
The bookbuilding period opened on Sunday and will close on Thursday, June 4, when the final offer price will be determined.
Al Rajhi Capital and Morgan Stanley are acting as financial advisers on the deal.
MGC is an engineering, procurement and construction (EPC) contractor and operations and maintenance (O&M) service provider, focused on infrastructure projects across water, transport and urban development.
The company reported a net profit of SAR 202 million for the first quarter of 2026, with a net profit margin of 21%.
(Writing by Brinda Darasha; editing by Seban Scaria)
