Latham & Watkins has advised Miahona Company Limited on the completion of its initial public offering (IPO) on the main market of the Saudi Exchange.
Miahona offered 48,277,663 ordinary shares, representing 30% of its total share capital through the IPO on Tadāwul.
The price was set at SAR 11.5 per share, implying a market capitalisation for Miahona of SAR 1.85 billion (US$493 million) at listing.
Its shares leapt by nearly 30% upon listing on Thursday, and it is currently trading at SAR 12.64 per share, a 10% surge on the final offer price.
Miahona is one of the first developers of water and wastewater infrastructure under the public-private partnership (PPP) model in the Kingdom of Saudi Arabia.
Headquartered in Riyadh, the company is one of the leaders in water cycle management, operating across the circular water economy, and serving municipal and industrial customers.
The Latham team was led by Riyadh partner Salman Al-Sudairi, who has led on a number of IPOs in the Kingdom, including MBC Group’s SAR 830 million (US$ 220 million) listing on Saudi Arabia’s main market at the start of the year.
Saudi Arabian law firm K&A advised the joint financial advisers, underwriters, and bookrunners on the IPO, with the team led by partner Zeyad Khoshaim.
