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MGC issues prospectus for 30% IPO on TASI
AI Summary
Content Summary: 
Retail subscription will run from June 15-17.
Mutlaq Al-Ghowairi Contracting Co. (MGC) issued today, May 14, the prospectus for its planned initial public offering (IPO) of 240 million shares on the Main Market (TASI).
The offered shares represent 30% of the company’s capital of SAR 800 million, divided into 800 million shares at a nominal value of SAR 1 per share.
The final offering price will be set after the book-building process.
The retail subscription will run from June 15-17. Participating entities can submit subscription applications and the book-building process will start on May 31, and continue until June 4.
In December 2025, the Capital Market Authority (CMA) approved MGC’s request to register and offer 240 million shares via an IPO on TASI.
Subscription will be limited to two investor tranches:
Participating entities: This tranche includes entities eligible to participate in the book-building process under the instructions for book building and allocation of shares in IPOs issued by the CMA;
Retail subscribers: This tranche includes any natural person who has an investment account and an active portfolio with any receiving entity, or who is eligible to open an investment account with a capital market institution. Retail subscribers will be allocated up to 72 million ordinary shares, representing 30% of the total offered shares.
MGC was established in 1977 as a sole proprietorship by Mutlaq Damouk Mutlaq Al-Ghowairi Al-Otaibi.
According to the prospectus, the company’s current main activity is undertaking engineering, procurement and construction projects related to infrastructure in the water, transportation and urban development sectors, in addition to infrastructure operation and maintenance works in the water and transportation sectors.
The company is headquartered in Riyadh and has one branch in the city. All operations and assets are concentrated in Saudi Arabia.
MGC said it generated contract revenue of SAR 3.2 billion in 2024, while net profit for the same year stood at SAR 1.20 billion.
MGC reported a net profit of SAR 419.8 million for the six months ended on June 30, 2025, compared with SAR 751 million in the year-earlier period.
|
Company Information |
|
|---|---|
|
Item |
Details |
|
Company |
Mutlaq Al-Ghowairi Contracting Co. |
|
Company Activities |
Construction, operation and maintenance works related to infrastructure projects in the water, transportation and urban development sectors. |
|
Share Capital |
SAR 800 million |
|
Number of Shares |
800 million shares |
|
Nominal Value |
SAR 1 per share |
|
IPO Information |
|
|---|---|
|
Item |
Details |
|
Offered Stake |
30% |
|
Number of Shares |
240 million shares |
|
Retail Subscription |
Up to 72 million shares representing 30% of total offered shares |
|
Minimum Subscription (Participating Parties) |
25,000 shares |
|
Minimum Subscription (Retail Investors) |
10 shares |
|
Maximum Subscription (Participating Parties) |
39,999,999 shares |
|
Maximum Subscription (Retail Investors) |
2,500,000 shares |
|
Price Range |
To be set during the book-building period starting May 31 |
|
Offering Period |
June 15- 17 |
|
Final Allocation |
No later than June 22 |
|
Surplus Refund |
No later than June 23 |
Indirect Major Shareholders Before/ After Offering
|
Shareholders |
Pre-IPO |
Post IPO |
||
|
No. of Shares (Mln) |
Ownership |
No. of Shares (Mln) |
Ownership |
|
|
Mutlaq Damouk Mutlaq Al-Ghowairi Al-Otaib* |
420.00 |
52.50% |
256.00 |
32.00% |
|
Terad Damouk Mutlaq Al-Ghowairi |
180.00 |
22.50% |
125.76 |
15.72% |
|
Mutlaq Mohamed Damouk Al-Ghowairi* |
33.89 |
4.24% |
28.00 |
3.50% |
|
Abdulmajid Mohamed Damouk Al-Ghowair |
18.90 |
2.36% |
18.90 |
2.36% |
|
Abdulmohsen Mohamed Damouk Al-Ghowairi |
18.90 |
2.36% |
18.90 |
2.36% |
|
Abdullah Mohamed Damouk AlGhowairi* |
18.89 |
2.36% |
16.00 |
2.00% |
|
Nayef Mohamed Damouk Al-Ghowairi* |
18.89 |
2.36% |
16.00 |
2.00% |
|
Moudi Ajmi Sanhat Al-Otaibi |
15.00 |
1.88% |
15.00 |
1.88% |
|
Nada Mohamed Damouk Al-Ghowairi |
9.45 |
1.18% |
9.45 |
1.18% |
|
Nouf Mohamed Damouk Al-Ghowairi |
9.45 |
1.18% |
8.00 |
1.00% |
|
Wafaa Mohamed Damouk Al-Ghowairi* |
9.44 |
1.18% |
8.00 |
1.00% |
|
Asmaa Mohamed Damouk Al-Ghowairi* |
9.44 |
1.18% |
8.00 |
1.00% |
|
Reem Mohamed Damouk Al-Ghowairi* |
9.44 |
1.18% |
8.00 |
1.00% |
|
Shatha Mohamed Damouk Al-Ghowairi* |
9.44 |
1.18% |
8.00 |
1.00% |
|
Noura Mohamed Damouk Al-Ghowairi* |
9.44 |
1.18% |
8.00 |
1.00% |
|
Hind Mohamed Damouk Al-Ghowairi* |
9.44 |
1.18% |
8.00 |
1.00% |
|
The Public |
-- |
-- |
240 |
30.00% |
|
Total |
800 |
100% |
800 |
100% |
*Selling Shareholder
|
Additional Information |
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|---|---|
|
Item |
Details |
|
Financial Advisors |
Al Rajhi Capital and Morgan Stanley Saudi Arabia |
|
Lead Manager |
Al Rajhi Capital |
|
Underwriters |
Al Rajhi Capital, Morgan Stanley Saudi Arabia, Anb Capital, and Emirates NBD Capital KSA |
|
Receiving Agents |
Al Rajhi Capital – Albilad Capital – Riyad Capital – SNB Capital – anb capital – Derayah Financial – SAB Invest – Alinma Investment – Alistithmar Capital – Yaqeen Capital – Aljazira Capital – Alkhabeer Capital – Sahm Capital – GIB Capital – BSF Capital – Musharaka Capital – EFG Hermes KSA – Awaed Alosool Capital – Dinar |
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