Saudi Arabian media giant MBC Group has set a range of SR23-SR25 for its IPO, the company said in a statement on Thursday.
The company seeks to raise SR831 million ($222 million) from selling a 10% stake, totalling 33.25 million new ordinary shares.
The indicative price band values the company between SR7.64 billion ($2.039 billion) and SR8.31 billion ($2.217 billion).
The institutional book-building period commenced on November 30 and will close at 2:00 PM KSA time on December 6, 2023.
A maximum of 3.32 million shares, representing 10% of the total offer shares, will be allocated to retail investors.
“Financial advisors may, in coordination with the Company, reduce the number of shares allocated to participating parties [institutional investors] to 29.92 million shares, representing 90% of total offer shares, to accommodate individual subscriber demand,” the company said.
Following the completion of the offering, the current shareholders (Al Istedamah Holding with a shareholding of 60% and Waleed Ibrahim Al Ibrahim with a shareholding of 40%) will collectively own 90% of the company’s share capital.
The offer shares will be listed and traded on the Saudi Exchange’s Main Market following the completion of the IPO and listing formalities with the CMA and the Saudi Exchange
