Skip to content Skip to Search
Skip navigation

Shares in MBC rise 30% on Saudi Tadawul debut

Filming for MBC drama 'Umm Haroun'. The Saudi media group offered a 10% stake in its IPO 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.

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.

Latest articles

It is hoped the use of AI will speed up the time-consuming process of screening patients for cancer

Mubadala-backed US startup working on AI cancer care

A US genomics startup, backed by Abu Dhabi’s sovereign wealth fund Mubadala, is working with ChatGPT creator OpenAI to improve cancer screening and treatment using artificial intelligence models. Color Health, which uses data science and machine learning for genetic testing and counselling in hereditary cancer and heart conditions, has developed an AI assistant, or “copilot”, […]

Gems operates more than 60 schools with over 130,000 students across the Middle East and North Africa

Brookfield to invest in Dubai’s Gems Education

A consortium led by Canada’s Brookfield Asset Management is to invest in Gems Education, the UAE’s private school operator. Other members of the group include Gulf Islamic Investments, Marathon Asset Management and the State Oil Fund of the Republic of Azerbaijan. Financial details were not disclosed but the investment is expected to be almost $2 […]

Two companies are dominant in the lithium industry – Chile’s SQM and US business Albemarle. In 2023, each commanded about 20 percent of global supply

Saudi Arabia targets Chile for lithium investments

Saudi Arabia’s mining minister Bandar Alkhorayef will visit Chile next month to negotiate a deal to secure lithium to support the kingdom’s ambition to expand its electric vehicle (EV) sector, a news report said. Alkhorayef will meet with his counterpart in Santiago, Reuters reported, quoting a Chilean government statement. The report said the two officials will discuss […]

Oman's tourism revenue increase was driven by a 15 percent rise in hotel guest numbers

Luxury hotel revenues in Oman rise to $242m

Oman’s luxury hotels continued to make money in April as the number of guests surged. The revenue of three- to five-star hotels rose 11 percent year on year to OMR93 million ($242 million), the state-run Oman News Agency said, quoting the National Centre for Statistics and Information data. The revenue increase was driven by a […]