Saudi Arabian media giant MBC Group, which received regulator approval to float 10% of its share capital on the Saudi Tadawul exchange, has set the indicative price range for the offering at between 23 Saudi riyals ($6.13) and SAR 25 per share.

Accordingly, the total offer size at the top of the price range is set to be SAR 831 million ($222 million) with the implied market capitalisation of the company at $2.22 billion.

Bidding and book-building period for the issuance starts today (30 November) and closes on Wednesday, December 6, the lead manager to the IPO, HSBC Saudi Arabia, said in a statement on the Saudi bourse on Thursday.

The final price will be disclosed at the end of the book-building period.

The media group will sell 33.25 million ordinary shares in the float representing 10% of MBC’s share capital.

 (Writing by Brinda Darasha; editing by Seban Scaria)