Saudi Media Giant MBC Group Sets Price Range For IPO
deadline.comShareholders at Saudi Arabian media giant MBC Group are seeking to raise as much as $222 million by listing the company on the Saudi Exchange, known as Tadawul.
We reported on plans for the public offering earlier this month. The broadcaster is selling 33.25 million new shares, equivalent to 10 per cent of its total capital.
The price range for the sale has been set between 23 and 25 riyals a share. HSBC Saudi Arabia is the lead manager on the sale alongside JP Morgan Saudi Arabia and SNB Capital, who are on board as financial advisors.
Founded 30 years ago, the MBC Group operated for many years out of the United Arab Emirates but officially moved its headquarters to Riyadh in 2022 in the wake of Saudi Arabia’s opening up under its 2030 Vision plan, aimed at moving the economy away from a reliance on oil.
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