Miahona allocates 20% of IPO to retail investors, sets offering dates

Logo of Miahona Co.

Miahona Co. intends to float 30% of its capital, or 48.3 million shares, in an initial public offering (IPO) on the Saudi Exchange (Tadawul), by sales of existing shares, Saudi Fransi Capital (SFC), in its capacity as lead manager, and SFC and EFG Hermes KSA, as joint financial advisors, bookrunners and underwriters, said. 

The shares will be offered to participating parties and retail investors, the company said in a statement on Tadawul.

A total of 100% of the shares will be offered to participating parties, which may be reduced in the event of retail subscription coverage to 38.62 million, or 80% of total offered shares.

Retail subscribers will be allotted a maximum of 9.65 million shares, or 20% of the total on offer.

Last March, Miahona obtained the approval of the Capital Market Authority (CMA) to register and float 48.3 million shares, representing 30% of the company's share capital, on the main market (TASI).

Established in 2008, Miahona is owned by Vision Invest. It provides management and concession services for water collection, and water and wastewater treatment utilities.

According to the company's website, Miahona has a number of subsidiaries, including Industrial Cities Development and Operating Co., Riyadh Water Production Co. and Jazzirah Environmental Co.

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