Retail subscription to 9.66M shares of Miahona starts on TASI today

Logo of Miahona Co.

Retail investors will start today, May 21, subscription to 9.66 million shares of Miahona Co. at SAR 11.50 each, as set by the book-building process.

The retail offering represents 20% of the total IPO.

For More IPOs

The subscription process for the retail tranche will run for two days until May 22.  

The Capital Market Authority (CMA) approved, in March, the company's request to float 48.3 million shares, or 30% of the capital, in an initial public offering (IPO). The nominal value per share stands at SAR 1.

The company’s institutional offering, which ended last week, was 170x covered. 

Miahona and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care Group) IPOs are the third and fourth this year for the main market, after Middle East Pharmaceutical Industries Co. (Avalon Pharma) on Jan. 30 and Modern Mills for Food Products Co. on March 5.

Tadawul witnessed eight IPOs in 2023, including MBC Holding Group Ltd. Ltd, Morabaha Marina and Mawarid Manpower Co., Jamjoom Pharmaceuticals Factory Co., First Milling Co., Lumi Rental Co., ADES Holding Co., and SAL Saudi Logistics Services Co.

Company Profile

Miahona, owned by Vision Invest, was established in 2008 in Riyadh as a Saudi closed joint stock sole proprietorship.

The group is the prime developer of water and wastewater infrastructure, under the public-private partnership (PPP) model in the Kingdom. Its business activity is focused on water cycle management, operating across the circular water economy and serving municipal and industrial customers. Water sector cycle management focuses on providing a value chain, including water production, water distribution, wastewater collection, wastewater treatment, treated sewage effluent (TSE) reuse, billing, collection and customer service.

The group works mainly in the following sectors:

Municipal sector: The company provides services to some entities such as the National Water Co. (NWC), Saudi Water Partnership Co. (SWPC) and Saline Water Conversion Corporation (SWCC).

The industrial sector: The group's clients in this sector include a number of government agencies, such as the cities authorities and the semi -government agencies, such as Saudi Aramco.

The group currently runs six projects through two models: build–own–operate–transfer (BOOT) and renovate-operate-transfer (ROT). It also provides only operating and maintenance services (O&M) for five projects affiliated with external parties.

The operational capacity of the company's projects:

The company has invested approximately SAR 1 billion in water and sanitation assets in the Kingdom and covers more than eight million individuals throughout the Kingdom (about 30% of the Kingdom's population), including 2011 major industrial agents. The group's project portfolio has the following operational capacity:

Subsidiaries:

Miahona has seven subsidiaries within the Kingdom as follows: