{"id":109000,"date":"2026-05-17T00:00:00","date_gmt":"2026-05-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?p=109000"},"modified":"2026-05-17T03:01:15","modified_gmt":"2026-05-17T03:01:15","slug":"contractor-mutlaq-al-ghowairi-is-coming-to-tadawul","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2026\/05\/17\/contractor-mutlaq-al-ghowairi-is-coming-to-tadawul\/","title":{"rendered":"Contractor Mutlaq Al Ghowairi is coming to Tadawul"},"content":{"rendered":"

Mutlaq<\/a><\/strong>Al Ghowairi<\/a><\/strong> heads to market with a sizable backlog:<\/strong> Infrastructure firm Mutlaq Al Ghowairi Contracting Company (MGC) plans to list 30% of its share capital on Tadawul, putting 240 mn shares up for grabs, representing 30% of the firm\u2019s share capital, according to a press release (pdf)<\/a> and prospectus (pdf)<\/a>. The firm has been looking<\/a> to list before its CMA approvals expire in June.<\/p>\n

The details:<\/strong> The offering will be split into two tranches targeting institutional and retail investors. Institutional investors will initially get first dibs on all 240 mn shares. However, financial advisors can scale that back to 168 mn shares (70% of the offering) if retail demand is sufficient. The minimum ticket size here is 25k shares, capped at 40 mn. Retail investors could get up to 72 mn shares, equivalent to 30% of the IPO.<\/p>\n

This is a secondary sale<\/strong>, meaning MGC itself won\u2019t receive any proceeds from the IPO. Instead, the net proceeds \u2014 after slicing off SAR 150 mn in IPO expenses \u2014 will go straight to the selling shareholders on a pro rata basis. The major shareholders will be subject to a six-month lock-up period.<\/p>\n

The equity sell-down is driven entirely by the firm\u2019s two largest backers. <\/strong>Majority owner Mutlaq Al Otaibi is trimming his dominant stake to 32% from 52.5%, while Terad Al Ghowairi is paring his position to 15.7% from 22.5%.<\/p>\n

The timeline: <\/strong><\/p>\n