20% stake floating on Nomu
SAR76-80 price range
The organiser of World Wrestling Association events in Saudi Arabia and the first Comic Con, a convention celebrating comic books, is selling shares to the public as the kingdom offers more entertainment opportunities to its population.
Riyadh-based Time Entertainment is selling 200,000 shares, a 20 percent stake, to raise as much as SAR16 million ($4.27 million) in an initial public offering (IPO) on the kingdom’s junior exchange, Nomu, lead manager AlKhair Capital said in a statement.
The book-building exercise ends on June 1, with the price range set at between SAR76 and SAR80 per share.
Time Entertainment was founded in 2012 and has since been responsible for the Formula E closing and opening ceremony for season 9, the Jeddah season, the Roshn Saudi League closing ceremony and Winter at Tatnora.
The Saudi government is targeting the entertainment sector to contribute 4 percent to the kingdom’s economy and create 450,000 jobs by 2030.
Previously one of the few countries in the world to ban cinemas and segregate restaurants by gender, under Vision 2030, Saudi Arabia is transforming its economy and society to reduce its reliance on hydrocarbons and open up the country to tourism.
The state-run General Entertainment Authority has earmarked investment of up to $64 billion by 2028 to develop the domestic entertainment sector.
