MBC Group Achieves 30% Surge on TASI Debut
MBC operates 13 free-to-air TV channels and runs the streaming platform Shahid, known as the Netflix of the Middle East.
In a debut on the Tadawul All Share Index (TASI), MBC Group's stock saw a 30% surge on January 8th, hitting SAR 32.50 ($8.67) per share.[1]
This adds SAR 7.50 ($2) to the initial listing price of SAR 25 ($6.67) per share.
Trading activity during the first session on the main market was robust, with nearly 2 million shares changing hands, amounting to a total value of SAR 60 million ($16 million) through approximately 2,000 transactions.
MBC Group initiated its presence on TASI by offering 33.25 million shares, equivalent to 10% of its capital.
Also, 90% of the offered shares were allocated to participating parties, while the remaining 10% were designated for retail investors.
Each retail investor received a minimum allocation of nine shares, marking a significant milestone for MBC Group's market entry.
MBC announced before that it appointed HSBC Saudi Arabia, JP Morgan Saudi Arabia, and SNB Capital as joint financial advisers, joint book runners, and underwriters for the IPO.
Al Istedamah Holding currently owns 60 percent of MBC Group, while the remaining stake is held by businessman Waleed Al Ibrahim, who is also group chairman of the company.
MBC was founded more than 30 years ago. It operates 13 free-to-air TV channels and runs the streaming platform Shahid, known as the Netflix of the Middle East.
