RIYADH: 黑料社区鈥檚 media conglomerate MBC Group has become the first new listing in the Kingdom鈥檚 Tadawul All Share Index in 2024.聽
The media giant started trading on Jan. 8, while the upper and lower limits of the daily and static fluctuation of the company鈥檚 stocks would be 30 percent and 10 percent, respectively, in the first three days.聽
From the fourth day, the daily price fluctuation limits will revert to a swing within 10 percent, while the static price fluctuation limits will no longer apply.
MBC Group聽generated SR831 million ($222 million) in its initial public offering.聽
Shares traded at SR32.5 as the Kingdom鈥檚 main market opened, against an IPO聽price of SR25 per share for a 10 percent stake.聽
In a statement, SNB Capital, who acted as the lead adviser for the listing,聽said that investor appetite for the offering was high, with both the institutional and retail tranches oversubscribed by approximately 66 times and 17 times, respectively.聽
鈥淪NB Capital is pleased to have advised MBC Group on this iconic IPO which comes at a time when interest in the Saudi market has never been higher,鈥 said Zaid Ghoul, managing director and head of investment banking at SNB Capital.聽
He added: 鈥淭he economic drive and the growth of the Kingdom is leading to strong interest as national and international investors look to increase their exposure to the Saudi equity capital market.鈥澛
Headquartered in Riyadh, MBC Group is the leading multi-platform broadcaster in the region with a portfolio of TV channels, radio stations, and streaming platforms.聽
The demographics of the region and company鈥檚 move into gaming and further entertainment options have underpinned interest in the IPO, the press statement added.聽
Al Istedamah Holding owns 60 percent of MBC Group, while group chairman Waleed Al-Ibrahim holds the remaining shares.
In December 2023, Sam Barnett, CEO of MBC Group, said that 鈥渢he demand from investors reflects the high trust they have placed in MBC Group鈥檚 ability to shape the future of media and entertainment in 黑料社区, the Middle East and North Africa region, and beyond.鈥澛
