Riyadh, Saudi Arabia  – Miahona Company (“Miahona” or the “Company”, or the “Issuer”), one of the first developers of water and wastewater infrastructure under the public-private partnership (“PPP”) model in the Kingdom of Saudi Arabia (“KSA” or the “Kingdom”), and leaders in water cycle management (operating across the circular water economy) serving municipal and industrial customers , today announces its intention to proceed with an initial public offering (“IPO” or the “Offering”) and the listing of its ordinary shares (“Shares”) on the Main Market of the Saudi Exchange.

On 20 March 2024, the Capital Market Authority (“CMA”) approved the Company’s application for the offering of 48,277,663 shares (the “Offer Shares”), representing 30% of the Company’s issued share capital, by way of a sale of existing shares by the current shareholder, Vision Invest (“Vision Invest” or the “Selling Shareholder”). The final offer price of the Offer Shares will be determined after the book-building period, which will commence on 28 April 2024G until 02 May 2024G.

Offering overview

  • The Shares will be listed on the Saudi Exchange’s Main Market following the completion of the IPO and listing formalities with the CMA and the Saudi Exchange.
  • The IPO of Miahona consists of an offer of 48,277,663 ordinary shares, representing 30% of the Company’s issued share capital of 160,925,543 shares.
  • The Offer Shares will be offered for subscription to Participating Parties and Individual Investors (as defined below). The number of Offer Shares to be initially allocated to Participating Parties is 48,277,663 Offer Shares representing 100% of the total Offer Shares. In the event that there is sufficient demand by Individual Investors, the number of shares initially allocated to Participating Parties will be reduced to 38,622,130 shares, representing 80% of the total Offer Shares.
  • The final Offer Price will be determined after the book-building process, and before the beginning of the subscription period for Individual Investors.

Transaction Timetable

Prospectus Publication

On Wednesday, 15/10/1445H (Corresponding to 24/04/2024G) 

Price range announcement & Institutional bookbuilding starts

On Monday, 20/10/1445H (Corresponding to 29/04/2024G)

Institutional bookbuilding ends

On Thursday, 23/10/1445H (Corresponding to 02/05/2024G)

Individual Investors’ subscription starts

On Tuesday, 13/11/1445H (Corresponding to 21/05/2024G)

Individual Investors’ subscription ends

On Wednesday, 14/11/1445H (Corresponding to 22/05/2024G)

Final allocation of the offer shares

On Sunday, 18/11/1445H (Corresponding to 26/05/2024G)

Refund of excess subscription amounts (if any)

On Thursday, 22/11/1445H (Corresponding to 30/05/2024G)

Company Overview

  • Miahona is a Saudi joint-stock company that was established in 2008. The Company and its subsidiaries are among the first developers of water and wastewater infrastructure under the public-private partnership (“PPP”) model in the Kingdom.
  • Headquartered in Riyadh, Saudi Arabia, the Company is one of the leaders in water cycle management, operating across the circular water economy, serving municipal and industrial customers.
  • With over 15 years of unique PPP experience, Miahona provides end-to-end solutions in the water sector with a presence across the complete water value chain including water production, water distribution, wastewater collection, wastewater treatment, TSE reuse, billing, collection & customer service.
  • The Company has a strong commitment to sustainability, by reducing water waste, increasing water recycling and treating effluents and pollutants.
  • The Company has two main business segments, Concessions and Operation & Maintenance.
    • The Concessions segment involves long-term contracts for the development and rehabilitation of water and wastewater treatment plants, where the Company is responsible for designing, constructing and operating the plant. Representing 92% of the Company’s revenue as of FY 2023.
    • The Operation & Maintenance involves short- to medium-term contracts for the operation and management of own and third-party projects. Representing 8% of the Company’s revenue as of FY 2023.
  • The Company is wholly owned by Vision Invest, a leading Saudi investment holding company at the forefront of public and private sector partnerships, nurturing synergic partnerships with leading local, regional, and global partners through a refined investment model.

Commenting on the Intention to Float, Awaadh Al Otaibi, CEO of Miahona, said:

“Private sector participation in the water and wastewater sector is one of the main pillars of economic transformation in the Kingdom of Saudi Arabia. Over the past few years, Miahona has succeeded in achieving remarkable growth, enhancing its ability to benefit from the tremendous growth and development process witnessed by the Kingdom.

Based on our leading position in the sector, we are confident in our ability to contribute to the development of new projects in the water and wastewater sector as part of this transformation and continued growth.”