Shares of Saudi media giant MBC Group surged 30% during its trading debut on Tadawul. As of 11:50 am local time, shares were trading at SR32.5.
The offering involved a primary offering of 33.25 million new ordinary shares, constituting 10% of the company’s share capital. Institutional investors were allotted 90% of the offer shares, while individual investors received 10%.
The company reported robust demand for MBC’s offering from diverse local, regional, and international investors. The institutional book-building process generated an order book of SR54.5 billion, resulting in a subscription coverage of approximately 66x.
The final offering price was fixed at SR25 per share, aligning with the upper range of the earlier announced IPO price range. The successful IPO raised SR831 million ($222 million), establishing an implied market capitalisation of SR8.3 billion ($2.2 billion) at the time of listing.
“We are proud of the significant interest our IPO has garnered from investors both in the Kingdom and other markets,” said Waleed bin Ibrahim Al Ibrahim, Chairman of MBC Group. “This reflects the investment community’s conviction in MBC’s brand, the attractiveness of our unique business offering, and our growth potential.”
“Through this IPO, we welcomed new shareholders to the Company and raised the capital needed to take us through our next phase of growth, innovation, and impact,” said Sam Barnett, CEO of MBC Group. “We have a clear roadmap guiding us through the next phase of growth, including growing the number of subscribers and viewers on Shahid, increasing advertising sales across our platforms, and expanding operations into exciting and promising sub-sectors, including sports, music, gaming, and events.
