Top Mideast Broadcaster, MBC Group, Gets $14.5 Billion Orders for Saudi IPO - Bloomberg
MBC Group, the Middle East’s biggest broadcaster, drew $14.5 billion in investor orders for its Saudi initial public offering of 831 million riyals ($222 million), boosting the year-end rush of listings in the Persian Gulf.
MBC set the IPO price at 25 riyals per share — the top of a marketed range — for its offering of a 10% stake in the company, according to a statement on Tuesday. The pricing values the broadcaster at $2.2 billion.
The strong investor demand shows that appetite for listings in the Middle East remains healthy even as IPOs elsewhere struggle to gain traction. High oil prices have helped buoy a listing boom over the past two years and investors flush with cash have been piling into the offerings which often perform well.
Retail buyers will be able to bid for the IPO between Dec. 14 and 18 while the trading date is still to be determined but is likely to be in 2024, according to terms of the deal seen by Bloomberg.
Founded in London in 1991, MBC was the first privately-owned pan-Arab satellite TV group before the Saudi government took a 60% stake. Founder and chairman Waleed Al Ibrahim — one of the kingdom’s richest businessmen — has the remaining shares.
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