SNB Capital facilitated the successful offering of a 10% stake in MBC Group, the Middle East’s biggest broadcaster.
High investor appetite resulted in demand exceeding supply for the landmark deal.
SNB Capital, the leading investment bank and the largest asset manager in the region, announced today the successful completion of its financial advisory role in the initial public offering (IPO) of the MBC Group (MBC), the MENA region media broadcasting giant, which is listing on the Saudi Exchange (Tadawul).
SNB Capital acted as a joint financial advisor, joint bookrunner, and joint underwriter for the offering of a 10% stake in the Middle East’s largest broadcaster. Investor appetite for the landmark deal was high, with both the institutional and retail tranches oversubscribed by approximately 66 times and 17 times respectively .
“SNB 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,” said Zaid Ghoul, Managing Director and Head of Investment Banking at SNB Capital. “The 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.”
The price range for MBC shares was set at between SAR 23 and SAR 25 with a total offering size of between SAR 765 million (USD204 million) and SAR 831 million (USD222 million). The institutional book-building ran from November 30 to December 6 and the retail offering started on December 14 and was completed on December 18, 2023.
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 making it a visible and recognized brand in broadcasting and streaming media. The demographics of the region and MBC’s move into gaming and further entertainment options have underpinned interest in the IPO.
