Saudi IPO: Miahona Company to list shares on Tadawul

Miahona Company, the Saudi-based developer of water and wastewater infrastructure, has unveiled plans for its initial public offering (IPO) and subsequent listing of its ordinary shares on the Main Market of the Saudi Exchange (Tadawul).

This strategic move reflects Miahona’s aim to expand its footprint and leverage emerging opportunities within the water cycle management sector.

Established as one of the first proponents of the public-private partnership (PPP) model in the kingdom, Miahona caters to municipal and industrial clients.

The Capital Market Authority (CMA) approved Miahona’s IPO on March 20, paving the way for the offering of 48,277,663 shares, constituting 30 per cent of the company’s issued share capital.

Vision Invest, the current shareholder, will facilitate the offering by selling existing shares.

The final offer price will be determined through a book-building process scheduled to commence on April 28 and conclude on May 2.

IPO overview

Following the completion of formalities with the CMA and exchange, the shares will be listed on the Tadawul Main Market.

Participating parties and individual investors will have the opportunity to subscribe to the offer shares. Initially, participating parties will have access to the entire allocation. However, depending on demand from Individual Investors, the allocation may be adjusted.

The final offer price will be determined after the book-building process, ensuring transparency and market alignment before the subscription period for individual investors begins.

Saudi IPOs on the rise

According to EY, Saudi Arabia dominated the Middle East IPO space in 2023 with 14 of the 19 listings in the last quarter of the year.

The 2024 pipeline includes 29 companies across various sectors that unveiled their plans to list with Saudi Arabia and the UAE leading the way in terms of expected volumes.

Read: Modern Mills Company debuts on Tadawul; IPO generated $40bn in orders

In recent news, Tadawul achieved a significant milestone, welcoming its 400th listed security across all categories.

This achievement boosted by strong international investor interest and a diversified range of tradable instruments highlights the exchange’s vital role in the kingdom’s economic development.

Also read: Saudi’s Tadawul marks 400th listing across all securities