- MBC media group in Saudi Arabia successfully prices its IPO at 25 riyals ($6.67) per share, marking the upper end of the disclosed range, in a move to list 10% of its share capital on the Saudi Exchange.
- Anticipating a market capitalization of 8.3 billion riyals ($2.21 billion) at listing, MBC, renowned for its operation of 13 free-to-air TV channels and the Netflix-like streaming platform Shahid, aligns with Saudi Arabia’s privatization agenda and efforts to deepen capital markets, reducing dependence on oil.
- State-owned Al Istedamah Holding holds a 60% stake in MBC, while Saudi businessman Waleed bin Ibrahim Al Ibrahim owns the remaining 40%. MBC’s CEO, Sam Barnett, assures that neither stakeholder plans to sell shares, and any post-IPO dilution in shareholdings will be proportional.
Saudi Arabia’s MBC media group has priced its initial public offering (IPO) at the upper end of the previously disclosed range, setting the share value at 25 riyals ($6.67) each.
With plans to list 10% of its share capital on the Saudi Exchange, MBC anticipates a market capitalization of 8.3 billion riyals ($2.21 billion) at the time of listing.
Renowned for operating 13 free-to-air TV channels and the streaming platform Shahid, often referred to as the Netflix of the Middle East, MBC’s IPO aligns with the trend of Saudi Arabia privatizing state assets and encouraging private sector entities to go public.
This initiative aims to deepen capital markets and attract investments, part of the Kingdom’s broader reform agenda to reduce reliance on oil.
Company records indicate that state-owned Al Istedamah Holding owns 60% of MBC, while Saudi businessman Waleed bin Ibrahim Al Ibrahim holds the remaining 40%.
MBC’s CEO, Sam Barnett, has affirmed that neither stakeholder intends to sell their shares, and any dilution in shareholdings post-IPO will occur proportionally.
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