Saudi Arabia's MBC media group prices IPO at top of range | Reuters
Saudi state-owned media giant MBC priced its initial public offering (IPO) at the top of the previously announced range, selling its shares at 25 riyals ($6.67) each on Tuesday.
MBC plans to float 10% of its share capital on the Saudi Exchange with the company's market capitalisation expected to be 8.3 billion riyals ($2.21 billion) at listing.
It operates 13 free-to-air TV channels and runs the streaming-platform Shahid, known as the Netflix of the Middle East.
There has been a flurry of Saudi IPOs in recent years as the government privatises state assets and encourages private sector companies to list in a bid to deepen capital markets and attract investment, part of a reform push aimed at cutting the Kingdom’s reliance on oil.
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