{"id":86034,"date":"2024-05-12T00:00:00","date_gmt":"2024-05-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/12\/strong-investor-appetite-sees-miahona-price-at-the-top-of-the-range\/"},"modified":"2024-05-12T00:00:00","modified_gmt":"2024-05-12T00:00:00","slug":"strong-investor-appetite-sees-miahona-price-at-the-top-of-the-range","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/12\/strong-investor-appetite-sees-miahona-price-at-the-top-of-the-range\/","title":{"rendered":"Strong investor appetite sees Miahona price at the top of the range"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The book-building process for Miahona\u2019s IPO on main market Tadawul was <\/strong><strong>170x <\/strong><strong>covered<\/strong>, speaking to strong appetite from institutional investors for the Riyadh-based water treatment company, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/690.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a>. Bankers booked SAR 94.4 bn in orders, giving them confidence to price the offering top of the range at SAR 11.50 per share, <strong>valuing the IPO at just SAR 555.5 mn<\/strong>. Miahona will make its market debut with a market cap of SAR 1.85 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next:<\/strong> The two-day subscription process for the retail tranche is slated to start on Tuesday, 21 May.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> The sole owner of Miahona \u2014 Vision Invest \u2014 will sell a 30% stake on main market Tadawul in secondary share sale; its shares will remain locked up for six months from the first trading day. The selling shareholder will take home the proceeds from the offering after paying an estimated SAR 28 mn in fees associated with the transaction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> Our friends at <strong>EFG Hermes KSA<\/strong> are quarterbacking the transaction as financial advisor, bookrunner, and underwriter, along with <strong>Saudi Fransi Capital (SFC)<\/strong> which is also separately acting as the lead manager. <strong>SFC<\/strong> and <strong>Riyad Bank<\/strong> are receiving agents. <strong>Latham &amp; Watkins<\/strong> is acting as legal counsel, while<strong> PwC<\/strong> is financial due diligence advisor, <strong>KPMG<\/strong> are serving as auditors, and <strong>Arthur D. Little<\/strong> as market consultant.<\/p>\n<p class=\"tag-border-left\">IN OTHER IPO NEWS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Qualified investors will start today placing orders for the Nomu IPO of <\/strong><strong>Horizon <\/strong><strong>Educational<\/strong>, with the book-building process wrapping up on <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/c609efa1-f49e-4b39-a413-287222db4ec3\/horizon-educational-sets-ipo-guiding-price-range-ahead-of-booking-investor-orders-next-week\" style=\"\" rel=\"noopener\">Thursday<\/a>. The Riyadh-based school operator is taking a 20% stake to market by issuing 500k new shares and it\u2019s guiding on a price range of SAR 48-54 a piece which could see it generate up to SAR 27 mn in proceeds and \u2014 at the top of the range \u2014 would give it a post-IPO market cap of SAR 135 mn. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The final price gives the company a post-IPO market cap of SAR 1.85 bn<\/p>\n","protected":false},"author":1,"featured_media":86035,"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":[10,1963,29,1571,369,1615,2452,1572],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-enterpriseam-ksa","tag-horizon-educational","tag-ipo-watch","tag-miahona","tag-nomu","tag-rasan","tag-tadawul","tag-vision-invest","wpautop","entry"],"acf":{"mongo_id":"0c079d3d-57fd-428f-bbc5-271112fe5ac7","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/2085.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Water company Miahona prices its IPO top of the range as investors show strong interest","related_issue":[86027],"teaser":"The final price gives the company a post-IPO market cap of SAR 1.85 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.6c1fc7ee-3ff6-4799-8290-95cabfdef085.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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