Saudi Arabia's MBC Media Group Prices IPO at Top of Range
MBC media group runs 13 free-to-air TV channels and the streaming platform Shahid.
MBC, the Saudi state-owned media conglomerate, priced its initial public offering (IPO) at the top of the previously disclosed range, selling its shares for SAR25 ($6.67) each on Tuesday, according to an announcement.[1]
The group has received $14.5 billion in investor orders for its IPO.
MBC plans to float 10% of its share capital on the Saudi Exchange with a market capitalization of SAR8.3 billion ($2.21 billion) expected at the time of listing.
Saudi state-owned media giant MBC priced its initial public offering (IPO) at the top of the previously announced range, selling its shares at 25 riyals ($6.67) each on Tuesday.
MBC has 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. After the IPO, shareholders will own 90 percent 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.