EFG Hermes, an EFG Holding Company and the leading investment bank in the Middle East and North Africa (Mena), has announced that its investment banking division had successfully completed its advisory on the $150 million initial public offering (IPO) of Miahona, a leading developer of water and wastewater infrastructure in Saudi Arabia.
Headquartered in Riyadh, Saudi Arabia, Miahona is one of the first developers of water and wastewater infrastructure under the public-private partnership (PPP) in the kingdom and a leader in water cycle management.
The utility major had offered a total of 30% of its total issued share capital through the sale of 48,277,663 existing ordinary shares at SAR11.5 per share, implying a market capitalization of SAR1.845 billion ($498 million).
The IPO captured the attention of local, regional, and international investors, with oversubscription for institutional tranche 174 times. The company began trading today (June 6) in Saudi Exchange.
EFG Hermes acted as the Joint Financial Advisor, Bookrunner, and Underwriter on the transaction.
On its key role, Mostafa Gad, Global Head of Investment Banking, said: "EFG Hermes is dedicated to introducing promising opportunities to the public market. Our primary focus remains on nurturing and expanding within the KSA market. We especially take great pride in our role as joint financial advisors in this significant transaction in addition to our other roles as joint bookrunners and underwriters. Additionally, we are delighted to strengthen our partnership with esteemed shareholders like Vision Invest, a leading investment company focused on sustainable infrastructure projects in Saudi Arabia and beyond."
"As the kingdom emphasizes sustainable development and infrastructure improvement, Miahona's listing on the Saudi Exchange highlights the increasing role of private sector involvement. Our involvement reflects EFG Hermes' dedication to facilitating impactful investment opportunities that not only yield financial returns but also contribute to vital sectors essential for economic growth and societal welfare," he noted.
"Miahona's expertise in water cycle management, combined with its extensive experience in public-private partnerships, positions it as a key contributor to the efficient and sustainable utilization of water resources, crucial for the Kingdom's future prosperity," he added.-TradeArabia News Service