Miahona shares debut on TASI today

Logo of Miahona Co.

Miahona Co. will begin trading on the Saudi Exchange (Tadawul) today, June 6, under the symbol 2084 and ISIN Code SA562G5H0I13, at SAR 11.50 a share.

The stock will have daily and static price fluctuation limits of ±30% and ±10%, respectively. These fluctuation limits will be applied during the first three days of listing. From the fourth trading day onwards, the daily price fluctuation limits will revert to ±10% and the static price fluctuation limit will no longer apply.

For More IPOs

This is the fifth listing on Saudi Arabia’s main market in 2024, after MBC Holding Group Ltd. listed on Jan. 8, Middle East Pharmaceutical Industries Co. (Avalon Pharma) on Feb. 27, Modern Mills Co. on March 27 and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care Group) on June 5.

Last year, TASI listed seven companies, including, Al Mawarid Manpower Co., Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma), Morabaha Marina Financing Co. (MRNA), First Milling Co., Lumi Rental Co., ADES Holding Co., and SAL Saudi Logistics Services Co., besides the listing of Alinma Hospitality REIT Fund.

With this listing, the number of companies listed on TASI reached 218, excluding real estate traded funds, which amount to 18.

The company offered 48.3 million shares, or 30% of its capital, at SAR 11.50 per share. 80% of offered shares were allocated to participating parties, while the remaining 20% were allocated to retail investors.

The retail coverage reached 6.1x, while the tranche of participating parties was 170x subscribed.

Each retail investor received a minimum of 10 shares, while the remaining shares will be allocated pro rata, based on the demand size of every subscriber to total shares. The allotment ratio amounted to 11.6%. 

Company Profile

Established in 2008 in Riyadh, Miahona is a one-person joint stock company owned by Vision Invest.

The group is one of the first developers of water and wastewater infrastructure, under the public-private partnership (PPP) model in the Kingdom. Its business activity is focused on water cycle management, operating across the circular water economy and serving municipal and industrial customers.

Water sector cycle management work in general is focused on providing a value chain, including water production, water distribution, wastewater collection, wastewater treatment, treated sewage effluent (TSE) reuse, billing, collection and customer service. 

The main activities of water cycle management include:

- Production and distribution of potable water and water for industrial uses.

- Collection, treatment, recycling and disposal of waste water.

- End-user CRM, including aligning customer demand with future requirements to ensure proactive forecasting of customer requirements; prioritizing customer satisfaction by focusing on quality and reliability; implementing technical compliance management to adhere to and comply with relevant industry standards, laws and regulations; and creating a dedicated customer portal to simplify communication and provide an effective platform for customer engagement.

The group works mainly in the following sectors:

Municipal sector: The company provides services to some entities such as the National Water Co. (NWC), Saudi Water Partnership Co. (SWPC) and Saline Water Conversion Corporation (SWCC).

The industrial sector: The group's clients in this sector include a number of government agencies, such as the cities authorities and the semi -government agencies, such as Saudi Aramco.

The group currently runs six projects through two models: build–own–operate–transfer (BOOT) and renovate-operate-transfer (ROT). It also provides only operating and maintenance services (O&M) for five projects affiliated with external parties.