Logo ofMSGA Investment Co.
The offered shares represent 10% of the company’s capital after the offering and capital increase, and 11.11% of its current capital before the offering, which stands at SAR 100 million, divided into 100 million shares with a nominal value of SAR 1 each. 
The subscription will run for six business days, ending on June 24.
With today’s offering, the total number of IPOs on the Nomu has reached 28 since the beginning of 2026.
The subscription is limited to qualified investors,including:
– Capital market institutions authorized to act on their accounts.
– Clients of capital market institutions authorized to carry out management operations. This is provided that they are appointed under terms that enable them to take decisions related to accepting participation in the share offering and investment in Nomu on behalf of clients without prior consent.
– The Saudi government, any government or international entity approved by the Capital Market Authority (CMA), the Saudi market, any other financial market recognized by the CMA, or the Securities Depository Center (Edaa).
– Companies owned by the government, directly or through a portfolio managed by a person authorized to practice management operations.
– Investment funds, companies, and funds established in the GCC countries
– Investment funds
– Natural persons are allowed to open investment accounts inside the Kingdom and with Edaa, provided they fulfill certain criteria,including the below:
1) They should have executed transactions in the securities markets worth a minimum of SAR 20 million, and at least 10 deals in each quarter during the past 12 months.
2) Natural persons should also have a net asset value of at least SAR 5 million.
3) They should be working or have worked for at least three years in the financial sector.
4) They should hold a general certificate in securities dealing, approved by the CMA.
5) They should further hold a professional certificate in the field of securities business, approved by an internationally recognized body.
– To be currently serving, or to have previously served, as a board member or a member of specialized committees formed by the board of directors of Nomu-listed companies.
– Any other persons identified by the CMA.
The CMA approved the company’s request to offer its shares in March 2026.
The company will allocate the entire IPO proceeds to support its expansion strategy aimed at strengthening its market presence and achieving sustainable growth.
MSGA was established in 2020 in Riyadh. The company operates in the real estate sector, focusing on real estate development and investment through the development and construction of residential and non-residential units.
The company primarily develops projects targeting the affordable housing segment, while also providing real estate development, contracting, and brokerage services. It owns a subsidiary, MSGA Al Oula Real Estate Development Co.
MSGA generated approximately SAR 143 million in revenue during the first nine months of 2025.
Revenue from residential unit sales accounted for 94.5% of total revenue, amounting to SAR 135.2 million.
Revenue by Segment Sales (SAR mln)
Segment
As of Dec 2024
As of Sept 2025
Residential unit sales
36.20
135.22
Contracting and third-party development revenue
—
6.87
Real estate brokerage revenue*
—
0.89
Rental income**
—
0.06
Total
36.20
143.03
**As of September 2025, the company owned a single investment property, a commercial drive-through building leased to a third party in Riyadh, which generated rental income of SAR 56,800 during the period.
Company Profile
Company
MSGA Investment Co.
Market
Nomu
Core Activities
Real estate development
Pre-IPO Capital
SAR 100 mln
Number of Shares
100 mln ordinary shares
Post-IPO Capital
SAR 111.11 mln
Number of shares after IPO
111.11 mln ordinary shares
Nominal Value
SAR 1 per share
IPO Summary
Issue Percentage
11.11% of pre-IPO capital and 10% of post-IPO capital
Offered shares
11.11 mln
IPO Minimum Limit
100 shares
IPO Maximum Limit
5,550,000 shares
Offer period
Six working days from June 17-24, 2026.
Final Allocation
June 28, 2026
Refund (if any)
June 30, 2026
Company Shareholders
Shareholders
Before IPO
After IPO
Number of Shares
(mln)
Ownership (%)
Number of Shares
(mln)
Ownership (%)
Muhammed Ali Saud Al-Saqri
100.00
100%
100.00
90%
QFIs
—
—
11.11
10%
Total
100.00
100 %
111.11
100%
Additional Information
Financial Advisor and Lead Manager
Yaqeen Capital
Receiving Banks
Alinma Capital, Al Rajhi Capital, SNB Capital, BSF Capital, Riyad Capital, ANB Capital, Albilad Capital, AlJazira Capital, Alistithmar Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, GIB Capital, Musharaka Capital, EFG-Hermes, Awaed Alosool Capital, Dinar Investment, Derayah Financial
Logo ofMSGA Investment Co.
The offered shares represent 10% of the company’s capital after the offering and capital increase, and 11.11% of its current capital before the offering, which stands at SAR 100 million, divided into 100 million shares with a nominal value of SAR 1 each.
The subscription will run for six business days, ending on June 24.
With today’s offering, the total number of IPOs on the Nomu has reached 28 since the beginning of 2026.
The subscription is limited to qualified investors,including:
– Capital market institutions authorized to act on their accounts.
– Clients of capital market institutions authorized to carry out management operations. This is provided that they are appointed under terms that enable them to take decisions related to accepting participation in the share offering and investment in Nomu on behalf of clients without prior consent.
– The Saudi government, any government or international entity approved by the Capital Market Authority (CMA), the Saudi market, any other financial market recognized by the CMA, or the Securities Depository Center (Edaa).
– Companies owned by the government, directly or through a portfolio managed by a person authorized to practice management operations.
– Investment funds, companies, and funds established in the GCC countries
– Investment funds
– Natural persons are allowed to open investment accounts inside the Kingdom and with Edaa, provided they fulfill certain criteria,including the below:
1) They should have executed transactions in the securities markets worth a minimum of SAR 20 million, and at least 10 deals in each quarter during the past 12 months.
2) Natural persons should also have a net asset value of at least SAR 5 million.
3) They should be working or have worked for at least three years in the financial sector.
4) They should hold a general certificate in securities dealing, approved by the CMA.
5) They should further hold a professional certificate in the field of securities business, approved by an internationally recognized body.
– To be currently serving, or to have previously served, as a board member or a member of specialized committees formed by the board of directors of Nomu-listed companies.
– Any other persons identified by the CMA.
The CMA approved the company’s request to offer its shares in March 2026.
The company will allocate the entire IPO proceeds to support its expansion strategy aimed at strengthening its market presence and achieving sustainable growth.
MSGA was established in 2020 in Riyadh. The company operates in the real estate sector, focusing on real estate development and investment through the development and construction of residential and non-residential units.
The company primarily develops projects targeting the affordable housing segment, while also providing real estate development, contracting, and brokerage services. It owns a subsidiary, MSGA Al Oula Real Estate Development Co.
MSGA generated approximately SAR 143 million in revenue during the first nine months of 2025.
Revenue from residential unit sales accounted for 94.5% of total revenue, amounting to SAR 135.2 million.
Revenue by Segment Sales (SAR mln)
Segment
As of Dec 2024
As of Sept 2025
Residential unit sales
36.20
135.22
Contracting and third-party development revenue
—
6.87
Real estate brokerage revenue*
—
0.89
Rental income**
—
0.06
Total
36.20
143.03
**As of September 2025, the company owned a single investment property, a commercial drive-through building leased to a third party in Riyadh, which generated rental income of SAR 56,800 during the period.
Company Profile
Company
MSGA Investment Co.
Market
Nomu
Core Activities
Real estate development
Pre-IPO Capital
SAR 100 mln
Number of Shares
100 mln ordinary shares
Post-IPO Capital
SAR 111.11 mln
Number of shares after IPO
111.11 mln ordinary shares
Nominal Value
SAR 1 per share
IPO Summary
Issue Percentage
11.11% of pre-IPO capital and 10% of post-IPO capital
Offered shares
11.11 mln
IPO Minimum Limit
100 shares
IPO Maximum Limit
5,550,000 shares
Offer period
Six working days from June 17-24, 2026.
Final Allocation
June 28, 2026
Refund (if any)
June 30, 2026
Company Shareholders
Shareholders
Before IPO
After IPO
Number of Shares
(mln)
Ownership (%)
Number of Shares
(mln)
Ownership (%)
Muhammed Ali Saud Al-Saqri
100.00
100%
100.00
90%
QFIs
—
—
11.11
10%
Total
100.00
100 %
111.11
100%
Additional Information
Financial Advisor and Lead Manager
Yaqeen Capital
Receiving Banks
Alinma Capital, Al Rajhi Capital, SNB Capital, BSF Capital, Riyad Capital, ANB Capital, Albilad Capital, AlJazira Capital, Alistithmar Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, GIB Capital, Musharaka Capital, EFG-Hermes, Awaed Alosool Capital, Dinar Investment, Derayah Financial
