MGC cites reasons behind IPO postponement

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

Mutlaq Al-Ghowairi Contracting Co. (MGC) confirmed its decision to postpone its planned initial public offering (IPO) on the Main Market (TASI) for the time being, following consultations with its financial advisors.

The offering had attracted strong interest from international, regional, and local investors, with the institutional book-building process being covered multiple times at the upper end of the announced price range, said the company in a statement picked up by Argaam.

“This level of demand reflects the quality of our business operations, strong market position, and long-term growth prospects.”

“However, after completing the institutional book-building process and conducting a careful review of the objectives and strategic considerations of both the company and its selling shareholders, we decided to postpone the offering and continue evaluating the most appropriate timing to proceed with the IPO,” it added.

MGC also emphasized that the decision will have no impact on its day-to-day operations, customer relationships, project execution, or strategic priorities.

It further stated that it maintains a strong financial position, enabling it to continue delivering its planned projects and fulfilling its contractual obligations across various Saudi regions.