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MBC goes public on Tadawul today: The official trading on the regional broadcaster’sshares kicks off today on the Saudi exchange, after receiving bumper demand from institutional and retail investors for its SAR 831 mn (USD 222 mn) initial public offering, according to a Tadawul regulatory filing yesterday.
MBC has priced its shares at the top of the range at SAR 25 a piece, valuing the company at SAR 8.1 bn. The institutional offering, which wrapped on 6 December, drew SAR 54.5 bn (USD 14.5 bn) of orders and closed 66x oversubscribed, while the retail offering was 18x oversubscribed. Ninety percent of the shares were offered to institutions, while 10% were handed to individual buyers.
Advisors: HSBC Saudi Arabia is quarterbacking the transaction as lead manager, JP MorganSaudi Arabia, SNB Capital, along with HSBC are acting as joint financial advisors, bookrunners, and underwriters.
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THE CLOSING BELL-
The DFM remained flat yesterday on turnover of AED 182.71 mn. The index is up 0.7% YTD.
In the green: BHM Capital Financial Services (+14.6%), Taaleem Holdings (+3.4%) and Emirates Central Cooling Systems (+1.7%).
In the red: Ithmaar Holding (-3.8%), Takaful Emarat (-2.3%) and Commercial Bank of Dubai (-2.0%).
The ADX rose 0.1% yesterday on turnover of AED 915.89. The index is up 0.9% YTD.
Asian markets are flirting with positive territory in early trading. Futures suggest the Dow will open in the red at the opening bell in New York this morning, with the S&P500 and Nasdaq in the green. European shares look set for a strong open.
