Miahona issues prospectus to offer 48.3M shares on TASI

Logo of Miahona Co.

Miahona Co. announced its prospectus for offering 48.3 million shares, or a 30% stake, on the main market (TASI).

The nominal value per share is SAR 1.

For More IPOs

The Capital Market Authority (CMA) approved, in March, the company’s application to float its shares on TASI.

The application registration period for participating categories and the book-building process will extend from April 29 to May 2.

The share sale for retail investors will run from May 21 to 22.

A total of 48.28 million shares, or 100% of Miahona’s share capital, will be offered to participating parties. The amount could be reduced in the event of the full coverage of the retail subscription to a minimum of 38.62 million, or 80%, of the total offered shares.

The company said that the number and percentage of the offer shares that will be allocated to the participating categories will be determined by the financial advisors, in consultation with the company using the optional allocation mechanism. However, it is possible not to allocate any shares to some participating categories as deemed by the company and the financial advisors.

Initially and in the event of sufficient demand from the public funds, 14.48 million shares will be allocated to this category, representing 30% of the total offer shares. If there is sufficient demand from individual subscribers to subscribe to the offering shares, the financial advisors have the right to reduce the number of shares allocated to the public funds to a minimum of 11.59 million. It represents 24% of the total offer shares after completing the retail IPO.

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

Established in 2008 in Riyadh, Miahona is owned by Vision Invest. The company owns a number of subsidiaries, including Industrial Cities Development & Operating Co. (ICDOC), Riyadh Water Production Co., Jazzirah Environmental Co. and others.

The group is one of the first developers 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 work in general is focused on providing a value chain, including water production, water distribution, wastewater collection, wastewater treatment, treated sewage effluent (TSE) reuse, billing, collection and customer service.