Saudi MBC Group shares jump 30% in debut trading

Saudi MBC Group shares jump 30% in debut trading

Saudi Arabian media giant MBC Group, which listed on the Saudi Tadawul exchange on Monday, saw its shares surge 30% to 32.50 riyals ($8.66) shortly after trading opened, according to LSEG data.

The media group sold 33.25 million ordinary shares in an IPO, representing 10% of its share capital, for a per share price of SAR25.

The company, whose main business segments include TV broadcasting, video streaming platform Shahid, and MBC Studios, plans to use the proceeds of the offering to repay outstanding debts, boost liquidity and invest in new initiatives to strengthen its market position.

(Writing by Brinda Darasha; editing by Bindu Rai)

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