Riyadh January 8 2024: Saudi Equity Market Tadawul gets first listing of 2024 as state run media company MBC Holding Group Ltd. start trading today, Jan. 8, under the symbol 4072 and ISIN code SA15U0CHVK19.
MBC gain 30% or SAR 7.5 per share on its first day of trading with traded volume of 1.9 million shares. The stock will have daily and static price fluctuation limits of ±30% and ±10%, respectively, during the first three days. From the fourth trading day onwards, the daily price fluctuation limits will revert to ±10%, while the static price fluctuation limits will no longer apply.
Saudi state-owned media giant MBC priced its initial public offering (IPO) at the top of the previously announced range, selling its shares at 25 riyals ($6.67).
It operates 13 free-to-air TV channels and runs the streaming-platform Shahid, known as the Netflix of the Middle East.
The company earlier floated 33.25 million shares, or 10% of its capital, at SAR 25 per share. It allocated 90% of these shares to institutional investors, while the remaining 10% was allotted to retail investors.
Prior to listing, state-owned Al Istedamah Holding held 60% of MBC and Saudi businessman Waleed bin Ibrahim Al Ibrahim held 40%, according to company records. A senior government official previously confirmed that the Ministry of Finance owns Istedamah.
MBC’s Chief Executive Officer Sam Barnett previously said that neither stakeholder would sell their shares and the shareholdings would be diluted proportionally following the IPO.
Last year, seven companies listed on Tadawul, namely, Al Mawarid Manpower Co., Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma), Morabaha Marina Financing Co. (MRNA), First Milling Co., Lumi Rental Co., ADES Holding Co. and SAL Saudi Logistics Services Co., besides the listing of Alinma Hospitality REIT Fund.
