DUBAI - Saudi Arabian water and wastewater infrastructure company Miahona's initial public offering (IPO) was priced at the top of the targeted valuation range, according to an adviser on Thursday.

The public-private partnership company is raising $148 million by selling a 30% stake - amounting to 48,277,663 shares - at 11.5 riyals ($3.07) a piece, according to a filing by adviser Saudi Fransi Capital.

The IPO offer price implies a market capitalisation of $493.3 million, according to Reuters calculations based on the stake on offer.

Miahona is fully owned by development and investment holding company Vision Invest and says it has operations covering the whole water sector cycle from extraction and supply to collection and recycling.

($1 = 3.7502 riyals)

(Reporting by Federico Maccioni; Editing by Mrigank Dhaniwala)