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Riyadh-based MSGA Investment is heading to Nomu, floating 11.1 mn shares — equivalent to 10% of its IPO capital of 111.1 mn shares — according to its prospectus (pdf). Qualified investors will be able to book a minimum of 100 shares and a maximum of 5.55 mn shares per investor. The company received the Capital Market Authority’s (CMA) approval for the move in March.
Where the money is going: MSGA will use the net proceeds to fund construction and real estate development activities for its upcoming residential development plans. The firm’s subsidiary MSGA First Real Estate Development Co. is already locked into agreements to develop 466 residential units across two CMA-licensed funds.
Founder dilution: The company’s sole owner Mohammed Alsagri will see his ownership drop to 90% from 100% and face a 12-month lock-up period.
The leg work: Ahead of its Nomu listing, the company raised its capital to SAR 100 mn in February 2025 before approving an increase to SAR 111.1 mn through the issuance of 11.1 mn new shares for qualified investors. The sole shareholder, Alsagri, waived his preemptive rights to facilitate the offering.
The timeline:
- Offering period: 17-24 June;
- Final allocation: 28 June;
- Refunds (if any): 30 June;
- Trading on Nomu: shortly after the final allocation.
MSGA in a nutshell: Founded in late 2020 by brothers Saleh and Mohammed Alsagri with an initial capital base of just SAR 25k, the firm transitioned into a single-shareholder in 2022. MSGA develops and invests in residential and non-residential real estate with a focus on medium-sized units.
Targeting the affordability gap? The listing comes as the Kingdom’s residential market faces mixed signals. Residential sales fell 53% y-o-y in 1Q 2026 amid ongoing affordability pressures and a more cautious war-driven buyer outlook, even as the Kingdom pushes to attract foreign property investment following rule changes that took effect earlier this year. Saudi is still expected to need around 830k additional housing units by 2034 to meet population growth.
The numbers back it up: MSGA’s recent financials suggest it has been benefiting from that demand. MSGA reported SAR 61.9 mn in net income in 2025, up from SAR 10.6 mn a year earlier. Revenue rose to SAR 162.8 mn from SAR 36.2 mn, driven by higher real estate sales and the addition of contracting and brokerage income streams.
ADVISORS- Yaqeen Capital is the financial advisor and lead manager and KLA is counsel.
