Saudi Arabia's Miahona Company, a developer & operator of sustainable solutions in water and wastewater projects, on Wednesday announced plans to proceed with an IPO and a listing on the Saudi Tadawul Exchange

The public-private partnership (PPP) firm intends to float 30% of its issued share capital by offering 48,277,663 ordinary shares currently held by Vision Invest, a Saudi investment holding company, which invests in PPP, Miahona said in a regulatory filing.

The final offer price will be determined after the book-building process, which will run from April 28 to May 2.

Retail investors will be able to bid for the offering between May 21 and May 22.

Saudi Fransi Capital is lead manager and joint financial adviser, joint bookrunner and co-underwriter along with EFG Hermes Saudi Arabia (KSA).

Miahona is one of the first developers of water and wastewater infrastructure under the PPP model in the kingdom.

The Saudi capital market regulator, CMA, is keen to encourage listing by local companies in its efforts to deepen the markets and increase its weight in emerging market indices, such as MSCI and FTSE Russell. 

Throughout 2024, 56 companies are expected to raise funds via IPOs, a 30% increase from the same period last year, CMA chairman Mohammed El Kuwaiz said at the Saudi Capital Market Forum in February.

(Writing by Brinda Darasha; editing by Seban Scaria)