AS&H Clifford Chance Acted for MBC Group's $222 Million IPO on Tadawul

AS&H Clifford Chance Acted for MBC Group's $222 Million IPO on Tadawul

AS&H Clifford Chance, a leading international law firm, successfully advised MBC Group, a prominent media and entertainment company in the Middle East and North Africa (MENA), during its landmark initial public offering (IPO) and subsequent listing on the Saudi Stock Exchange (Tadawul). The IPO raised a total of SAR 831 million (approximately $222 million).

MBC strategically issued new shares representing 10 per cent of its expanded share capital, unlocking fresh avenues for growth and innovation. The offering attracted a wave of enthusiastic investors, with institutional giants grabbing 90 per cent of the total volume. This overwhelming institutional appetite, exceeding SAR 54.5 billion ($14.5 billion) in orders, resulted in a staggering 66x oversubscription.

Fuelled by a successful IPO raising SAR 831 million ($222 million), MBC's market cap ballooned to an impressive SAR 8.3 billion ($2.2 billion), providing the springboard for the company's ambitious growth plans.

For MBC, a household name in MENA with its 13 free-to-air channels and Shahid streaming platform, the IPO is not just about financial gains. It marks a strategic leap forward, injecting substantial value for shareholders and reaffirming the company's unwavering commitment to its core media and entertainment mission.

Leading the charge of the firm’s cross-border team was Riyadh-based ECM partner Mansoor AlHagbani, alongside Clifford Chance partners Omar Rashid (spanning Riyadh and Dubai) and George Hacket (Frankfurt).

The core transaction team comprised lead senior associates Rakan Kawar (Riyadh) and Rezwan Azam (Dubai), supported by counsel Axel Wittmann (Frankfurt). Associates from Riyadh, Dubai, and Frankfurt provided unwavering support, with Fares AlMasri, Omar Al Harbi, Khaled Al–Bakr, Leen Kayali, Shahinaz AlAssaf, Abdullah Al Shebaiky, and Dhary Alshathry (Riyadh), Massimiliano Valli, Ismaila Ngum, and Shannon Burke (Dubai), and Gordana Golubic–Huertas, Maks Mencin, and transaction lawyer Valeria Umanet (Frankfurt) playing vital roles.