Mutlaq Al-Ghowairi Contracting Co. (MGC) announced on Tuesday that it had withdrawn its planned initial public offering of 240 million shares, through which it had sought to raise approximately US$800 million. The offering represented 30% of the company’s share capital.
The decision to cancel the IPO followed financial advice indicating weak expected demand from both foreign and domestic investors for Saudi market offerings at the present time. The advisory assessment also cited instability in the stock market and the potential risks such conditions could pose to the company and its financial position.
MGC had originally announced on 31 December 2025 its intention to offer 240 million shares, with the subscription period scheduled to begin on 15 June 2026. The company subsequently launched an extensive promotional campaign to market the offering before announcing its withdrawal on Tuesday.
The company holds contracts with various government entities and has reportedly faced significant setbacks following the cancellation of several of its projects over recent months.