Logo ofMiahona Co.
Retail investors will start today, May 21, subscription to 9.66 million shares Miahona Co. at SAR 11.50 each, as set by the book-building process. 
The retail offering represents 20% of the total IPO.
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.
The Miahona and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care Group) IPOs today 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., andSAL 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 primer 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 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.
The group works mainly in the following sectors:
Municipal sector: The company provides services to some entities such as the National Water Co. (NWC) and the Saudi Water Partnership Co. (SWPC) and the 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), and also provides only operating and maintenance services (OM) 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:
Miahona Projects’ Operational Capacity (‘000 m³/day)
2020
2021
2022
September 30, 2023
Water
95.3
95.3
102.8
102.8
Sewage Water
566.5
806.5
806.5
806.5
Total
661.8
901.8
909.3
909.3
Subsidiaries:
Miahona has seven subsidiaries within the Kingdom as follows:
Subsidiaries
Company
Nationality
Capita (SAR mln)
Stake (%)
ICDOC
Saudi
66.6
100%
JECO
Saudi
2.0
100 %
RWPC
Saudi
0.5
100 %
International Water Partners (IWP)
Multinational
0.5
40 %
International Water Partners-2 (IWP II)
Multinational
0.5
35 %
Araha Environmental Services
Saudi
0.5
70 %
Sustainable Water for Environmental Services Company (SWESC)
Saudi
0.5
70 %
Company Profile
Company
Miahona Co.
Market
TASI
Core Activities
Water Sector
Capital
SAR 160.93 mln
Number of Shares
160.93 mln
Nominal value
SAR 1 per share
IPO Summary
Issue Percentage
30%
Number of Shares Offered
48.28 mln
Qualified Subscribers
Participating institutions and individuals
IPO Minimum Limit for Retail Investors
10 shares
IPO Minimum Limit for Institutional Investors
100,000 shares
IPO Maximum Limit for Retail Investors
2.5 mln shares
IPO Maximum Limit for Institutional Investors
8.05 mln shares
Institutional Offering Book-Building Period
April 29 – May 2, 2024
Retail Offering
May 21-22, 2024
Final Allocation
May 26, 2024
Surplus Refund (If any)
May 30, 2024
Additional Information
Financial Advisor, Lead Manager, Main Underwriter andBookrunner
Saudi Fransi Capital, EFG Hermes KSA
Lead Manager
Saudi Fransi Capital
Receiving Banks
Banque Saudi Fransi,Riyad Bank
Major Shareholders
Shareholders
Pre-IPO
Post-IPO
Number of shares
(mln)
Ownership
(%)
Number of shares
(mln)
Ownership
(%)
Vision Invest
160.93
100%
112.65
70%
Public
—
—
48.28
30%
Total
160.93
100%
160.93
100%
Logo ofMiahona Co.
Retail investors will start today, May 21, subscription to 9.66 million shares Miahona Co. at SAR 11.50 each, as set by the book-building process.
The retail offering represents 20% of the total IPO.
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.
The Miahona and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care Group) IPOs today 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., andSAL 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 primer 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 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.
The group works mainly in the following sectors:
Municipal sector: The company provides services to some entities such as the National Water Co. (NWC) and the Saudi Water Partnership Co. (SWPC) and the 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), and also provides only operating and maintenance services (OM) 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:
Miahona Projects’ Operational Capacity (‘000 m³/day)
2020
2021
2022
September 30, 2023
Water
95.3
95.3
102.8
102.8
Sewage Water
566.5
806.5
806.5
806.5
Total
661.8
901.8
909.3
909.3
Subsidiaries:
Miahona has seven subsidiaries within the Kingdom as follows:
Subsidiaries
Company
Nationality
Capita (SAR mln)
Stake (%)
ICDOC
Saudi
66.6
100%
JECO
Saudi
2.0
100 %
RWPC
Saudi
0.5
100 %
International Water Partners (IWP)
Multinational
0.5
40 %
International Water Partners-2 (IWP II)
Multinational
0.5
35 %
Araha Environmental Services
Saudi
0.5
70 %
Sustainable Water for Environmental Services Company (SWESC)
Saudi
0.5
70 %
Company Profile
Company
Miahona Co.
Market
TASI
Core Activities
Water Sector
Capital
SAR 160.93 mln
Number of Shares
160.93 mln
Nominal value
SAR 1 per share
IPO Summary
Issue Percentage
30%
Number of Shares Offered
48.28 mln
Qualified Subscribers
Participating institutions and individuals
IPO Minimum Limit for Retail Investors
10 shares
IPO Minimum Limit for Institutional Investors
100,000 shares
IPO Maximum Limit for Retail Investors
2.5 mln shares
IPO Maximum Limit for Institutional Investors
8.05 mln shares
Institutional Offering Book-Building Period
April 29 – May 2, 2024
Retail Offering
May 21-22, 2024
Final Allocation
May 26, 2024
Surplus Refund (If any)
May 30, 2024
Additional Information
Financial Advisor, Lead Manager, Main Underwriter andBookrunner
Saudi Fransi Capital, EFG Hermes KSA
Lead Manager
Saudi Fransi Capital
Receiving Banks
Banque Saudi Fransi,Riyad Bank
Major Shareholders
Shareholders
Pre-IPO
Post-IPO
Number of shares
(mln)
Ownership
(%)
Number of shares
(mln)
Ownership
(%)
Vision Invest
160.93
100%
112.65
70%
Public
—
—
48.28
30%
Total
160.93
100%
160.93
100%
