Riyadh – Mubasher: MBC Group settled the final price for its initial public offering (IPO) on the Main Market of the Saudi Exchange (Tadawul) at SAR 25 per share, according to a press release.

The IPO raised gross proceeds of nearly SAR 831 million ($222 million), while the market cap is expected to stand at SAR 8.31 billion ($2.21 billion) at listing.

The book-building process drew support from the Kingdom as well as international investors, resulting in an order book of SAR 54.50 billion ($14.51 billion).

Furthermore, the robust investor demand led to a subscription coverage of approximately 66x the total offered shares.

The individual tranche subscription process will take place during 14-18 December 2023.

A maximum of 3.32 million offer shares, representing 10% of the total offer shares, are set to be allocated to individual subscribers.

Sam Barnett, CEO of MBC Group, said: “We are encouraged by this vote of confidence and look forward to delivering more engaging experiences to our loyal audience of 150 million viewers per week as we embark on this exciting new phase.”

HSBC Saudi Arabia, JP Morgan Saudi Arabia, and SNB Capital act as the joint financial advisors, bookrunners, and underwriters for the IPO.

Meanwhile, GIB Capital is acting as the financial advisor to the substantial shareholders.

Last November, the Capital Market Authority (CMA) passed the group’s request to list 33.25 million ordinary shares on Tadawul.