Saudi Arabia's MBC media group jumps 30% on market debut after | Reuters
Shares of Saudi Arabian media giant MBC Group jumped 30% above their listing price on their market debut on Monday, after raising 831 million Saudi riyals ($222 million) in an initial public offering (IPO) for 10% of the business.
Shares traded at 32.5 riyals ($8.67) as the Riyadh market opened, against an IPO offer price of 25 riyals per share.
($1 = 3.7502 riyals)
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.
No comments:
Post a Comment