LONDON: Saudi media organization MBC Group generated SR831 million ($222 million) in its initial public offering after pricing it at the top of the range.

On Tuesday, the company announced that it had set the price for its stock offering at SR25 per share, for a 10 percent stake.

The pricing indicated that the firm’s overall worth was around SR8.3 billion.

Its shares will start trading on the Saudi Exchange’s main market following the “completion of the IPO and listing formalities” with the Capital Market Authority, MBC said.

Sam Barnett, the CEO of MBC Group, said: “The demand from investors reflects the high trust they have placed in MBC Group’s ability to shape the future of media and entertainment in Saudi Arabia, the MENA (Middle East and North Africa) region, and beyond.

“The response highlights investors’ recognition of our strong brand, expansive reach, diverse and high-quality content portfolio, as well as the significant potential for growth, which is underpinned by Shahid,” he added.

Al Istedamah Holding currently owns 60 percent of MBC Group while group chairman, Waleed Al-Ibrahim, holds the remaining portion of shares.

Al-Ibrahim noted that the deal would help MBC Group, “expand its market position, enter new entertainment segments, and grow audience reach.”

He said: “Through this offering, we are inviting investors to be part of a robust enterprise, well-reputed brand, underpinned by strong macro fundamentals and dynamic growth prospects.”

After the IPO, shareholders will own 90 percent of the company.

HSBC Saudi Arabia, JP Morgan Saudi Arabia, and SNB Capital will serve as collaborative financial advisers, bookrunners, and underwriters for the IPO.

In a recent statement, MBC said the funds generated from the IPO would be utilized to, “repay outstanding debts, enhance liquidity headroom to finance the working capital requirements of the business, content expenditure on the Shahid video streaming platform, and investment in new initiatives.”