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Miahona’s net income rose 13.6% y-o-y to SAR 56.9 mn in FY 2023, the Riyadh-based water treatment company said in a post on X. The growth in net income came on the back of improved gross profit margins and higher revenues from customer contracts, mainly water and wastewater services contracts, according to Argaam. Revenues grew 17.6% y-o-y to SAR 324.5 mn over the same period.
Miahona is IPOing based on the 3Q 2023 figures that back its prospectus (pdf).
Just as Miahona gears up for listing: The sole owner of Miahona — Vision Invest — will offload a 30% stake on main market Tadawul in a secondary share sale. The IPO of the water treatment outfit was priced top of the range at SAR 11.50 per share, valuing the IPO at just SAR 555.5 mn after strong demand from institutional investors. Miahona will make its market debut with a market cap of SAR 1.85 bn. The two-day subscription process for the retail tranche is slated to start today.
ADVISORS- Our friends at EFG Hermes KSA are quarterbacking the transaction as financial advisor, bookrunner, and underwriter, along with Saudi Fransi Capital (SFC) which is also separately acting as the lead manager. SFC and Riyad Bank are receiving agents. Latham & Watkins is acting as legal counsel, while PwC is financial due diligence advisor, KPMG are serving as auditors, and Arthur D. Little as market consultant.
