Mutlaq Al-Ghowairi mulls TASI IPO in early 2026: Report

Logo of Mutlaq Al-Ghowairi Contracting Co. (MGC) 

Mutlaq Al-Ghowairi Contracting Co. (MGC) is weighing an initial public offering in the Saudi Exchange (Tadawul) as early as next year, according to Bloomberg citing well-informed sources.

The company is exploring a deal that could value it in the range of about SAR 12-15 billion. Moelis & Co. is acting as a financial advisor on the potential offering, while Al Rajhi Capital is arranging the deal. MGC is also seeking to add more banks to the offering, according to the sources.

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They added that discussions are preliminary, with no final decisions on the timing or size of the offering, noting that the firm may ultimately choose not to proceed.

According to Argaam’s data, MGC signed, in February 2024, an agreement with Al Rajhi Capital to act as financial advisor, bookrunner, underwriter and lead manager, on its potential IPO on TASI.

Established in 1977 as a shareholding company in Riyadh, MGC offers contracting services, with a focus on infrastructure projects and operation and maintenance works.