Markets Shares in MBC rise 30% on Saudi Tadawul debut By Gavin Gibbon January 8, 2024, 10:39 AM Al Fahad Establishment for Art Production & Distribution via Reuters Filming for MBC drama 'Umm Haroun'. The Saudi media group offered a 10% stake in its IPO MBC lists on Saudi exchange IPO offer price was SAR25 Runs 13 channels and streamer Shahid The share price of media company MBC Group rose by 30 percent as it made its debut on the Saudi stock exchange on Monday. The Saudi group’s initial public offering of a 10 percent stake last month was 17.6 times oversubscribed by retail investors, raising SAR1.46 billion ($390 million). At the opening bell of the Tadawul, MBC shares traded at SAR32.50 against the IPO offer price of SAR25 per share. MBC is one of the largest media and entertainment companies in the Middle East and North Africa, operating 13 free-to-air television channels as well as the streaming platform Shahid. Its content reaches 150 million people every week. In the streaming age, the TV stays on after Ramadan More deals likely to follow OSN+ and Anghami merger Coming to a movie theatre near you … AlUla Sam Barnett, CEO of MBC Group, said the capital raised would “fund the next phase of growth, innovation and impact” and the company would be looking to expand into sports, music, gaming and events. There were just six IPOs across the Mena region in the third quarter of 2023 – the most recent period for which figures are available. This was a 14 percent drop in volume and a 66 percent slump in proceeds year on year. However, five of the six IPOs were in Saudi Arabia. There were 29 IPOs over the first nine months of 2023, according to EY’s Mena IPO Eye Q3 report. Total proceeds stood at $5.8 billion, down 6 percent in volume and 61 percent in funds raised.
