Riyadh – Sharikat Mubasher: Saudi Arabia’s Mutlaq AlGhowairi Contracting Co. (MGC) is considering an initial public offering in Riyadh. The potential listing could add to a wave of IPOs that have raised more than $10 billion in the Kingdom over the past two years. Sources familiar with the matter said discussions are still at an early stage, as reported by Bloomberg.

The infrastructure-focused company is exploring a deal that could value it between SAR 12 billion and SAR 15 billion ($3.2–4 billion). Moelis & Co. is advising on the potential listing, while Al Rajhi Capital has been tapped to arrange the offering. Sources said MGC may also bring in additional banks, with a possible launch as early as 2026.

Talks remain at an early stage, and no final decisions have been made on timing or size, while MGC, Moelis, and Al Rajhi Capital declined to comment.