The Clap MBC Group, the largest television network in the Middle East, is planning to IPO on the Saudi Tadawul, according to Bloomberg.
The Deets MBC is working with “JP Morgan” and “HSBC” to handle its IPO in the Saudi market.
The company could be listed as soon as next year and will likely add more banks to work on the IPO.
Shareholders The Saudi government owns the most significant stake in MBC, 60%, while the remaining 40% is owned by the founder and chairman of the board, Waleed Al Ibrahim, one of the wealthiest businessmen in KSA.
MBC Group MBC Group was founded in 1991 in London and became the first group of channels in the Arab world.
Its headquarters was moved to Dubai in 2002, and then to the Saudi capital, Riyadh.
MBC now includes 20 TV channels and a video streaming service, Shahid.
So What MBC’s potential listing comes at a time where IPOs are booming in the region, whose markets grew on the back of high oil prices and an influx of investor funds.
Saudi Arabia accounted for the bulk of the IPOs, with 22 listings this year out of 34 in the Middle East, according to Bloomberg.