Mutlaq Al-Ghawairi Withdraws Major Subscription
Muttlaq Al-Ghuwairi Saudi Contracting Company has decided to withdraw its planned initial public offering (IPO) in the Riyadh Market, despite the subscription being oversubscribed multiple times at the upper end of the price range of 12.5 riyals per share. The company was expected to raise approximately $800 million through an offering of 240 million shares, making it one of the largest offerings in the region this year. This decision comes amid more volatile market conditions and a slowdown in regional IPO activity, reflecting a prevailing cautious stance in the region's capital markets.
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