#Saudi Arabian media giant MBC Group sets price range for IPO | Reuters

Saudi Arabian media giant MBC Group sets price range for IPO | Reuters

Saudi Arabian media giant MBC Group is seeking to raise as much as $222 million from the sale of a 10% stake through an initial public offering after the company disclosed an indicative price range on Thursday.

The price range was set between 23 riyals ($6.13) and 25 riyals per share, the company said in a statement, implying an equity value for the group of between $2.04 billion and $2.22 billion.

The final price will be disclosed at the end of the book-building period, which is slated for December 6.