© Reuters.
RIYADH – MBC Group, a prominent broadcaster in the Middle East and North Africa (MENA) region, experienced a robust initial public offering (IPO) on the Saudi Stock Exchange (Tadawul), with shares opening at SR32.5 ($1 = SAR 3.75), marking a 30% surge from the IPO price of SR25. This significant debut followed a highly successful subscription period where institutional investors oversubscribed MBC Group’s shares approximately 66 times.
The company, headquartered in Riyadh, successfully raised SR831 million by offering a 10% stake to the public. The retail offering period for MBC shares spanned from December 14 to December 18, 2023. SNB Capital advised the media giant’s IPO, underscoring the strong investor confidence in MBC Group’s growth prospects.
MBC Group has outlined strategic plans to capitalize on the successful IPO. The broadcaster aims to expand its Shahid streaming platform and bolster its advertising revenue, positioning itself for further growth in the dynamic media landscape of the MENA region.
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