Saudi Arabian water and waste water infrastructure company Miahona plans to offer a 30% stake in an initial public offering (IPO) on the Riyadh bourse, it said on Wednesday.
Miahona is fully owned by development and investment holding company Vision Invest and says it has operations covering the whole water sector cycle from extraction and supply to collection and recycling.
The firm's decision to list adds to an IPO boom in Gulf markets over the last two years driven by high oil prices and foreign institutional investor interest, bucking a global dealmaking slump caused in part by high interest rates.
The public-private partnership (PPP) intends to offering 48,277,663 ordinary shares currently held by Vision Invest, Miahona said in a stock exchange filing.
The bookbuilding process is expected to run from April 28 to May 2, after which the final offer price will be set. Saudi Fransi Capital is lead manager and joint financial adviser, joint bookrunner and co-underwriter along with EFG Hermes Saudi Arabia (KSA).
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