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CMA greenlights MBC Group's IPO on Tadawul

CMA greenlights MBC Group's IPO on Tadawul
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Riyadh – Mubasher: MBC Group plans to proceed with an initial public offering (IPO) and the listing of its ordinary shares on the Main Market of the Saudi Exchange (Tadawul).

The Capital Market Authority (CMA) approved the group’s IPO on 21 November 2023, according to a press release.

The company will float 33.25 million ordinary shares through a capital increase, accounting for 10% of its share capital. Meanwhile, the offering price will be determined at the end of the book-building period.

Waleed bin Ibrahim Al Ibrahim, Chairman of MBC Group, 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.”

“Through this offering, we are inviting investors to be part of a robust enterprise, well-reputed brand, underpinned by strong macro fundamentals and dynamic growth prospects,” Al Ibrahim mentioned.

The company has appointed HSBC Saudi Arabia, JP Morgan Saudi Arabia, and SNB Capital as joint financial advisors, bookrunners, and underwriters.

The group also named HSBC Saudi Arabia as the lead manager, while GIB Capital is acting as the financial advisor to the substantial shareholders.

Arab National Bank (ANB), Banque Saudi Fransi, Riyad Bank, and Saudi National Bank (SNB), have been appointed as receiving agents for retail investors.