Riyadh - Sharikat Mubasher: MBC Group, the leading media and entertainment giant, set its final offer price for its initial public offering (IPO) at SAR 25 per share, with a market capitalization of SAR 8.3 billion at listing.
In a statement, the media group said that the total size of the offering is SAR 831 million.
The final offer price followed a highly successful book-building process supported by national, regional, and international investors, resulting in an order book of SAR 54.5 billion. This robust investor demand led to a subscription coverage of around 66x the total offered shares.
Sam Barnett, Chief Executive Officer of MBC Group, stated that the demand from investors shows their high trust in the group’s ability to shape the future of media and entertainment in the Kingdom and the Middle East and North Africa (MENA) region.
“The response highlights investors' recognition of our strong brand, expansive reach, diverse and high-quality content portfolio, as well as the significant potential for growth which is underpinned by Shahid,” Barnett said.
He added that MBC Group looks forward to delivering more engaging experiences to its audience of 150 million viewers per week.
The offering comprises a primary offering of over 33.2 million new ordinary shares, representing 10% of the company’s share capital.
Following completion of the offering, the current shareholders will collectively own 90% of the group’s share capital.
Furthermore, Saudi nationals, foreign residents in the Kingdom, and GCC nationals will be able to subscribe for shares in the retail offering between 14 to 18 December 2023.
