Regional broadcaster MBC Group has raised 831 million Saudi riyals ($222 million) in the <a href="https://www.thenationalnews.com/business/markets/2023/11/30/mbc-ipo-regional-broadcaster-looks-to-raise-222m-from-tadawul-listing/" target="_blank">initial public offering</a> after pricing it at the top of the range. The company set the final offering price at 25 riyals a share, for its offering of a 10 per cent stake <a href="https://www.thenationalnews.com/business/markets/2023/12/11/indias-ipo-boom-a-red-flag-or-a-sign-of-robust-investor-confidence/" target="_blank">amid “robust investor demand</a>”, it said on Tuesday. The pricing values the group at 8.3 billion riyals ($2.2 billion). The book-building was “highly successful” and drew “considerable” interest from Saudi, regional and international investors, resulting in an order book of 54.5 billion riyals, and led to a subscription coverage of approximately 66 times the total offered shares, MBC said. The broadcaster is selling 33.25 million new ordinary shares, equivalent to 10 per cent of its total issued share capital, in the IPO. A maximum of 3.325 million shares will be allocated to subscribers, whose subscription process will begin on December 14 and end on December 18. The company's 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. “The demand from investors reflects the high trust they have placed in MBC Group's ability to shape the future of media and entertainment in Saudi Arabia, the Mena region and beyond,” Sam Barnett, chief executive of MBC Group, said. “The response highlights investors' recognition of our strong brand, expansive reach, diverse and high-quality content portfolio, as well as the significant potential for growth, which is underpinned by Shahid,” he said, referring to MBC's streaming platform. Al Istedamah Holding currently owns 60 per cent of MBC Group, while the remaining stake is held by businessman Waleed Al Ibrahim, who is also group chairman of the company. After the IPO, shareholders will own 90 per cent of the company. MBC Group received the market regulator’s approval on November 21 to list its shares on the Tadawul exchange, making it the latest among Mena companies seeking to raise capital from the equities market <a href="https://www.thenationalnews.com/business/markets/2023/09/25/sal-saudi-logistics-services-ipo/">amid a listing boom</a>. The <a href="https://www.thenationalnews.com/business/markets/2023/01/24/listing-of-11-uae-companies-to-raise-more-than-218bn-in-2023/">volume of IPOs</a> on bourses in the Mena region rose by 44 per cent annually in the second quarter of this year amid robust economic growth, according to global consultancy EY. Growth in Mena IPO deals was driven by Saudi Arabia and the UAE, the top two regional economies, EY said in a September report. <a href="https://www.thenationalnews.com/business/markets/2023/03/03/adnoc-gas-ipo-energy-company-raises-25bn-from-years-biggest-offering/">The number of listings</a> rose to 13 during the three months to the end of June. MBC has appointed HSBC Saudi Arabia, JP Morgan Saudi Arabia and SNB Capital as joint financial advisers, joint bookrunners and underwriters for the IPO. The company plans to use the proceeds of the public float to “repay outstanding debts, enhance liquidity headroom to finance the working capital requirements of the business, content expenditure on the Shahid video streaming platform and investment in new initiatives”, it said last month. The deal will help the broadcaster expand its market position, enter new entertainment segments and grow audience reach Mr Al Ibrahim said at the time. “Through this offering, we are inviting investors to be part of a robust enterprise, well-reputed brand, underpinned by strong macro fundamentals and dynamic growth prospects,” he said. MBC was founded more than 30 years ago and reaped 3.49 billion riyals in revenue last year. It registered a 23 per cent compound annual growth rate between 2020 and 2022.