{"id":85530,"date":"2024-04-25T00:00:00","date_gmt":"2024-04-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/25\/miahona-issues-a-prospectus-for-its-upcoming-ipo-on-tadawul\/"},"modified":"2024-04-25T00:00:00","modified_gmt":"2024-04-25T00:00:00","slug":"miahona-issues-a-prospectus-for-its-upcoming-ipo-on-tadawul","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/25\/miahona-issues-a-prospectus-for-its-upcoming-ipo-on-tadawul\/","title":{"rendered":"Miahona issues a prospectus for its upcoming IPO on Tadawul"},"content":{"rendered":"

Miahona is going public on Tadawul with a secondary share sale: <\/strong>Riyadh-based water treatment company Miahona<\/a> is planning to sell 48.3 mn ordinary shares \u2014 good for a 30% stake \u2014 on Tadawul\u2019s main market, according to prospectus (pdf)<\/a>. <\/p>\n

What\u2019s<\/strong> Miahona<\/strong>? <\/strong>Founded in 2008, the company operates in eight cities across the Kingdom, covering the full water management cycle from extraction and supply to recycling. Miahona has seven subsidiaries, with clients including Aramco, Saudi Water Partnership Company, National Water Company, Saudi Authority for Industrial Cities and Technology Zones (Modon), and the General Authority for Civil Aviation.<\/p>\n

The details:<\/strong> Investment holding company Vision Invest<\/a> \u2014 the sole owner of Miahona \u2014 will sell the 30% stake in the offering and retain 70% after the sale, according to the prospectus. Vision Invest\u2019s shares will remain locked up for six months after the start of trading. <\/p>\n

Use of proceeds:<\/strong> No fresh capital will be injected into the company \u2014 Vision Invest will take home the proceeds from the offering after paying an estimated SAR 28 mn in fees associated with the transaction. <\/p>\n

The price range for the IPO will be made public next Monday, 29 April, <\/strong>triggering the start of the bookbuilding process. Institutional investors can place orders until Thursday, 2 May, for a minimum of 100k shares and a maximum of 8 mn shares each.<\/p>\n

Some 20% of the offering will be available for individual investors<\/strong> for subscription from Tuesday, 21 May, to Wednesday, 2 May, with a minimum subscription of 10 shares and a maximum of 2.5 mn each. Final allotment of shares is slated for Sunday, 26 May.<\/strong><\/p>\n

MIAHONA\u2019S BOTTOM LINE<\/strong><\/p>\n

A snapshot of the latest results: <\/strong>The company\u2019s net income rose 25% y-o-y to SAR 44 mn in 3Q 2023, and revenues increased 8.5% y-o-y to SAR 225.6 mn. <\/p>\n

ADVISORS- Our friends at EFG Hermes KSA <\/strong>are quarterbacking the transaction as financial advisor, bookrunner, and underwriter, along with Saudi Fransi Capital (SFC)<\/strong> which is also separately acting as the lead manager. SFC<\/strong> and Riyad Bank <\/strong>are receiving agents. Latham & Watkins<\/strong> is acting as legal counsel, while PwC <\/strong>is financial due diligence advisor, KPMG <\/strong>are serving as auditors, and Arthur D. Little<\/strong> as market consultant.<\/p>\n","protected":false},"excerpt":{"rendered":"

Individual investors can subscribe for 20% of the total offering<\/p>\n","protected":false},"author":1,"featured_media":85531,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2542],"tags":[10,29,1571,1572],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-enterpriseam-ksa","tag-ipo-watch","tag-miahona","tag-vision-invest","wpautop","entry"],"acf":{"mongo_id":"1d76fa50-9aa2-4166-875f-2d6f8737e79a","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1805.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Miahona is set to kick off the bookbuilding process of its Tadawul IPO next week","related_issue":[85524],"teaser":"Individual investors can subscribe for 20% of the total offering","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.5f5bb310-5b2d-4905-9a9f-a4d45d9e45fe.mp3"},"yoast_head":"\nMiahona issues a prospectus for its upcoming IPO on Tadawul - 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