MBC GROUP has listed its shares on the Main Market of the Saudi Exchange following the successful completion of its Initial Public Offering of shares (IPO). The Company is now trading under the ticker symbol, MBC Group.
The offering comprised a primary offering of 33,250,000 new ordinary shares (offer shares), representing 10 per cent of the company’s share capital (following the issuance of the offer shares and increase of the company’s share capital).
90 per cent of the Offer Shares were allotted to institutional investors and the remaining 10% to individual investors.
MBC’s offering witnessed strong demand from a diverse range of local, regional and international investors with the institutional book-building process generating an order book of SAR 54.5 billion resulting in a subscription coverage of approximately 66 times.
The final price for the offering was set at SAR 25 per share, at the top end of the previously announced IPO price range, with the company successfully raising SAR 831 million (USD 222 million) and with an implied market capitalisation of SAR 8.3 billion (USD 2.2 billion) at listing.
Waleed bin Ibrahim Al Ibrahim, Chairman, MBC GROUP, said: “Today, we celebrate MBC GROUP’s monumental moment of becoming a publicly listed Company trading on one of the top 10 stock exchanges in the world, the Saudi Exchange. We are proud of the significant interest our IPO has garnered from investors both in the Kingdom and in other markets. This is a reflection of the investment community’s conviction in MBC’s brand, the attractiveness of our unique business offering, and our growth potential.”
Sam Barnett, Chief Executive Officer, MBC GROUP, added: “Commencing trading on the Saudi Exchange is a landmark and proud moment for MBC. 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.
“We have a clear roadmap guiding us through what the next phase of growth looks like, 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.”
