Al-Gowairi Plans 3 Billion Riyal Offer
Muttlaq Al-Ghawiri Contracting Company aims to raise 3 billion riyals through an initial public offering (IPO) of a 30% stake in its capital on the Saudi Stock Exchange "Tadawul." The offering is expected to be priced between 11 and 12.5 riyals per share, giving the company a market value ranging from 8.8 billion to 10 billion riyals. The order book building process for participating institutional investors begins today and will continue for five days. The subscription for individual investors opens on June 15 and closes on June 17. The company is engaged in developing water and road infrastructure and benefits from the national trend to expand water desalination networks in Saudi Arabia. It is projected to achieve revenues exceeding 9 billion riyals over the next three years.
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