Riyadh – Mubasher: The MENA region’s media company MBC Group witnessed 359,464 total retail investors placing orders worth SAR 1.46 billion during its IPO process.

The subscription coverage reached 17.60 times the offered shares in the retail investor tranche, which took place during 14-18 December 2023, according to a press release.

A total of 3.32 million shares, representing 10% of the total IPO, were allocated to the retail investor tranche.

Announcing the final allotment of this offering’s shares, MBC Group allocated a minimum of nine shares to each retail subscriber, while the remaining shares will be allocated on a pro-rata basis based on demand size to the remaining demand with 0.1623% average allocation factor.

The institutional book-building period set the final IPO at SAR 25 per share and resulted in subscription coverage of nearly 66 times the total offered shares. This implied a market capitalisation at listing of SAR 8.30 billion ($2.20 billion).

MBC Group noted that the total size of the IPO is SAR 831 million ($222 million), with the primary offering including 33.25 million new ordinary shares that account for 10% of the company’s 332.50 million share capital.

It is worth noting that the institutional book-building process of the IPO took place during the period from 30 November until 6 December 2023.

In November 2023, Saudi Arabia’s Capital Market Authority (CMA) approved the IPO, which aims to further grow the group’s market position and audience reach.