The largest TV company in the Middle East will hold an IPO in Saudi Arabia
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The Saudi media holding MBC Group, which operates the largest television company in the Middle East, reported about plans to raise up to 831 million riyals ($222 million) during the IPO. The company announced its intention to place 10% – 33.2 million – of all shares at a price range of 23 to 25 riyals ($6.2-6.7). Thus, the value of the entire MBC is estimated from $2 billion to $2.2 billion. Until December 6, MBC will collect applications from institutional investors. The date for the IPO and the start of trading on the stock exchange has not yet been announced, but most likely they will take place in early 2024.
MBC was founded in 1991 and became the first major privately owned pan-Arab television network. Currently, 60% of the company’s shares are owned by the government of Saudi Arabia, the rest is owned by its founder Waleed bin Ibrahim Al Ibrahim. MBC operates almost 20 television channels operating in different countries in the Middle East and North Africa. In addition, the company operates the largest video streaming service in the region, Shahid. MBC says its content reaches about 150 million weekly viewers. The company’s revenue in 2022 amounted to $930 million. MBC intends to use the funds raised during the IPO to pay off debts, increase financial flexibility and create new content for Shahid.
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