Mutlaq Al-Ghowairi Contracting Co Pulls $799M IPO After Attracting Full Demand, Citing Strategic Priorities
The Saudi contractor pulled its share sale despite covering demand, marking the first major IPO scrapped since the Iran war began in February.
SemaforMutlaq Al-Ghowairi Contracting Co withdrew its planned $799 million share sale on June 9, 2026, after attracting enough investor demand to cover the offering. The company said the decision followed careful consideration of the objectives and strategic priorities of the firm and its owners.
The withdrawal marks the first major IPO in Saudi Arabia since the Iran war broke out at the end of February 2026.
As of June 9, the conflict had lasted more than 100 days. The Saudi bourse has recovered since the war began, yet bankers in the country say investors remain wary about its full impact and the effect of government spending cuts on the economy. Listing volumes had already dropped in 2025, and several other firms abandoned IPO plans before the war started.
Saudi Arabia maintains a pipeline of companies seeking to go public, with the stock market serving as a key channel for the government and sovereign wealth fund to raise money by selling stakes in existing companies to fund new ventures.
