Riyadh – Mubasher: MBC Group set the price range for its initial public offering (IPO) on the Main Market of the Saudi Exchange (Tadawul) between SAR 23 and SAR 25 per share.

The institutional book-building process will take place during the 30 November - 6 December 2023 period, according to a recent press release.

The Capital Market Authority (CMA) greenlighted MBC Group’s request to list 33.25 million ordinary shares, representing 10% of its share capital following the company’s capital raise.

Total offering size is expected to be between SAR 765 million ($204 million) and SAR 831 million ($222 million), implying a market cap at listing between SAR 7.64 billion ($2.03 billion) and SAR 8.31 billion ($2.21 billion). 

Following the offering process, the current shareholders shall collectively own 90% of the group’s share capital. Al Istedamah Holding has a stake of 60%, whereas Waleed Ibrahim Al Ibrahim holds an equity ownership of 40%.

The financial advisors will lower the number of shares allocated to participating parties to 29.92 million shares, equivalent to 90% of total offer shares, to accommodate for individual subscriber demand.

A maximum of 3.32 million ordinary shares, accounting for 10% of the total offer shares, will be allocated to individual subscribers.