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Saudi broadcaster MBC sets IPO price at top of range

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Saudi broadcaster MBC sets IPO price at top of range

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LONDON: Saudi media organization MBC Group generated SR831 million ($222 million) in its initial public offering after pricing it at the top of the range.

On Tuesday, the company announced that it had set the price for its stock offering at SR25 per share, for a 10 percent stake.

The pricing indicated that the firm’s overall worth was around SR8.3 billion.

Its shares will start trading on the Saudi Exchange’s main market following the “completion of the IPO and listing formalities” with the Capital Market Authority, MBC said.

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