Saudi Media Giant MBC Group Sets Price Range For IPO
30.11.2023 - 13:42
/ deadline.com
Shareholders 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.
Under the current ownership structure, state-owned Al Istedamah Holding has a 60% stake in MBC Group, and MBC Group Chairman Waleed Al Ibrahim owns the remaining 40%.
Al Ibrahim previously said the funds raised by the IPO would be invested in further expanding the company, with a focus on its streaming platform Shahid, and extending its reach beyond the Middle East and North Africa (MENA).
“With over 30 years of continuous growth owed to our significant investment in media, quality content generation, and entertainment, we are prepared for our next phase of growth,” Al Ibrahim said. “Through the IPO, we aim to further grow our market position and audience reach, continue investing in our popular streaming platform, Shahid, and expand into promising entertainment verticals.
Alongside Shahid, MBC broadcasts 13 free-to-air TV channels across MENA, and, according to it own figures, garners some 150 million viewers a