Outdoor advertising provider, MBC Group-backed Al Arabia kicks off IPO process

Outdoor advertising provider Arabian Contracting Services, partly owned by media giant MBC Group, has issued the prospectus for its planned initial public offering, where it seeks to sell 15 million shares.

This represents 30 percent of its 50 million share capital, the company said in a filing, and the offering will run from Oct. 26 to Oct. 29.

Up to 90 percent of total offered shares will be allocated to institutional participants, while the remaining 10 percent will be allocated to individual investors.

The request to float on the Saudi main market was approved by the Capital Market Authority last June.

Saudi Arabia has seen an increase in IPO activity in recent months, with major companies such as ACWA Power and ‘solutions by stc’ aiming to raise billions of riyals through their offerings.