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‎MBC announces intention to float 33.25M shares on TASI

November 22, 2023
in Business
‎MBC announces intention to float 33.25M shares on TASI
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MBC Group issues preliminary prospectus for 10% IPO in Tadawul

Logo of MBC Group

Saudi MBC Group issued an announcement to introduce the group, (the final prospectus has not yet been published), highlighting the company’s key data and the planned initial public offering (IPO).

The Capital Market Authority (CMA) approved today the application received from MBC to float 33.25 million shares, or 10% of capital on Tadawul.

The company said that it will issue 33.25 million new ordinary shares, or 10% of post-IPO capital. It added that the offer price will be determined at the end of the book-building process.

The IPO will be available to retail and corporate investors, including institutional investors outside the US.

Upon completion of the offering process, the current shareholders will collectively own 90% of the company’s shares. MBC Group’s current shareholder base includes Al Istedamah Holding (IHC) with 60% stake, and Waleed Al-Ibrahim with 40% equity.

MBC Group said that it has a solid financial position, combining profitable broadcasting services and rapidly growing digital businesses, noting that it has achieved the following:

– Recording total revenues of SAR 3.49 billion ($930 million) in 2022.

– The group’s revenues grew at a CAGR of 23% in 2020-2022.

– Recording 20% of adjusted profit margin before EBITDA, except for Shahid.

MBC owns a network of 13 free TV channels, and is also the top broadcasting company in Saudi Arabia and Egypt, according to its statement.

According to MBC, the IPO net proceeds will be used to pay off outstanding debt, boost liquidity margin to finance working capital requirements and support expenses towards the content of the group’s Shahid platform, in addition to investing in new initiatives.

Company Profile

Company

MBC Group

Market

Tadawul

Core Activities

Media broadcasting via satellite channels and platforms

Current Number of Shares

299.25 mln

Number of shares after IPO

332.50 mln

IPO Summary

Issue Percentage

10% of post-IPO capital

Number of Shares Offered

33.25 mln ordinary shares

Qualified Subscribers

Participating Parties, Retail Investors

Number of Shares Offered for Retail Investors

3.325 mln shares, or 10% of total offered shares

Number of Shares Offered for Participating Parties

33.25 mln shares, or 100% of total offered shares, which may be reduced in the event of retail subscription coverage to 29.925 million shares, or 90% of total offered shares.

Periods and Dates of Subscription and Listing

No defined yet, pending the issuance of the main prospectus

Special Information

Lead Manager

HSBC

Joint Financial Advisors, Joint Bookrunners, and Underwriters

JP Morgan Saudi Arabia – SNB Capital – HSBC Saudi Arabia

Receiving Banks

Riyad Bank – Saudi National Bank -Arab National Bank – Banque Saudi Fransi

Financial Advisor for Substantial Shareholders

GIB Capital

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Argaam EN – https://www.argaam.com/en/article/articledetail/id/1686650

Tags: announcesbusiness‎MBC
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