Saudi water major Miahona plans IPO

• 30% of shares to be floated
• 20% offered to retail investors
• Offer price to be determined

A water and wastewater infrastructure operator that pioneered the public-private partnership model in Saudi Arabia is planning an IPO that will put 30 percent of its shares on the market.

Miahona Company intends to list on the main market of the Saudi Exchange after receiving approval from the Capital Market Authority last month.

The company said it will offer more than 48 million shares through the sale of existing shares held by Vision Invest. All will be offered to institutional investors, with 20 percent then clawed back to be offered to retail investors.

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The final share offer price will be determined after the book-building period, which will start on Sunday.

Riyadh-based Miahona is involved in the complete water value chain including water production and distribution, wastewater collection and treatment, and billing, collection and customer service.

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It operates in eight major cities in Saudi Arabia and claims to be the leading developer and operator of sustainable water services in industrial/urban utilities in the kingdom.

Awaadh Al Otaibi, CEO of Miahona, said: “Miahona has succeeded in achieving remarkable growth, enhancing its ability to benefit from the tremendous growth and development process witnessed by the kingdom.”

The Capital Market Authority said in February that it had received 56 initial public offering applications, a number well ahead of analysts’ expectations and a 30 percent increase on last year.