Miahona IPO Oversubscribed by 17 Times, Sets Price for Public Offering

Miahona Company, a leader in water and wastewater infrastructure development in Saudi Arabia, announced the successful completion of its book building process for institutional investors. The company also revealed the final offer price for its initial public offering (IPO).

The final offer price for Miahona's IPO has been set at SAR 11. 5 per share, which translates to a market capitalization of SAR 1. 85 billion (USD 493 million) upon listing. The institutional book building process saw exceptionally strong demand, with recorded orders reaching around SAR 94. 4 billion (USD 25. 2 billion). This translates to an oversubscription rate of a staggering 17 times.

"The overwhelming demand from institutional investors is a strong testament to Miahona's position as a leader in the water and wastewater sector, " said a company spokesperson. "We are confident that our IPO will be a success and will allow us to further invest in our growth plans. "

The company will now open the subscription period for individual investors. This window will last for two days, starting on May 21st, 2024, and closing on May 22nd, 2024. Miahona's strong performance during the book building process suggests that the individual investor portion of the IPO could also see significant interest.

The successful book building process and high oversubscription rate position Miahona for a promising IPO. The company's leadership in water infrastructure development, coupled with the strong investor demand, suggests that Miahona's listing on the Saudi Exchange could be a significant event for the water sector and the Saudi Arabian capital market.