The successful completion of Miahona's IPO marks a pivotal moment for the broader landscape of water infrastructure development in Saudi Arabia. 

Riyadh, June 6, 2024

EFG Hermes, an EFG Holding Company and the leading investment bank in the Middle East and North Africa (MENA), announced today that its investment banking division successfully completed its advisory on the USD 150 million initial public offering (IPO) of Miahona, one of the first developers of water and wastewater infrastructure under the public-private partnership (PPP) in the Kingdom of Saudi Arabia and a leader in water cycle management, on the Saudi Exchange. EFG Hermes acted as the Joint Financial Advisor, Bookrunner, and Underwriter on the transaction.  

Miahona offered a total of 30% of its total issued share capital through the sale of 48,277,663 existing ordinary shares at SAR 11.5 per share, implying a market capitalization of SAR 1.845 billion (USD 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 under the ticker [2084].    

Mostafa Gad, Global Head of Investment Banking at EFG Hermes, commented, “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. 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.” 

Miahona is a Saudi joint-stock company that was established in 2008. Headquartered in Riyadh, Saudi Arabia, the Company is one of the leaders in water cycle management, operating across the circular water economy, serving municipal and industrial customers. With over 15 years of unique PPP experience, Miahona provides end-to-end solutions in the water sector with a presence across the complete water value chain including water production, water distribution, wastewater collection, wastewater treatment, TSE reuse, billing, collection & customer service.

This transaction is the latest in a series of landmark deals the Firm has advised on in the GCC region over the years, including eight IPOs in 2023 alone. Most recently, it acted as the joint bookrunner on Spinney’s IPO on the Dubai Financial Market (DFM), and Parkin’s IPO on the DFM – the most oversubscribed IPO on the DFM to date. The Firm also advised on the IPO of Dubai Taxi Company on the DFM and OQ Gas Networks on the Muscat Stock Exchange (MSX), the largest Omani IPO in over two decades. It also advised on the IPO of ADES Holding Company on the Saudi Exchange, as well as the successful IPOs of ADNOC L&S and ADNOC Gas Plc on the Abu Dhabi Securities Exchange (ADX); IPO of Lumi Rental Company on the Saudi Exchange; Abraj Energy Services on the MSX; and Al Ansari Financial Services PJSC on the Dubai Financial Market (DFM). 

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About EFG Holding

EFG Holding (EGX: HRHO.CA – LSE: EFGD) is a trailblazing financial institution that boasts a remarkable 40-year legacy of success in nine countries spanning three continents. Operating within three distinct verticals — the Investment Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and Commercial Bank (aiBANK) — the company provides a comprehensive range of groundbreaking financial products and services tailored to meet the needs of a diverse clientele, including individual clients and businesses of all sizes.

EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA), offers an extensive array of financial services, encompassing advisory, asset management, securities brokerage, research, and private equity. In its domestic market, EFG Holding serves as a universal bank, with EFG Finance emerging as the fastest-growing NBFI platform, comprising Tanmeyah, a leading provider of financial services in Egypt with a concerted focus on the micro and small enterprise segments, EFG Corp-Solutions, which provides leasing and factoring services, Valu, a versatile financial technology powerhouse, PayTabs Egypt, a digital payment platform, as well as Bedaya for mortgage finance and Kaf for insurance. Furthermore, the company delivers commercial banking solutions through aiBANK, a leading provider of integrated retail, corporate, and Islamic banking products in Egypt. 

Proudly present in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Bahrain | Pakistan | UK | Kenya | Nigeria | 

Learn more about us at www.efghldg.com

For further information, please contact: 

May El Gammal 

Group Chief Marketing & Communications Officer of EFG Holding

melgammal@efghldg.com 

Omar Salama

Senior Communications Manager of EFG Holding

osalama@efghldg.com 

The EFG Holding Public Relations Team

PublicRelations@efghldg.com 

Note on Forward-Looking Statements 

In this press release, EFG Holding may make forward-looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities, and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Holding’s belief regarding future events, many of which, by their nature, are inherently uncertain and are beyond management’s control and include, among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending, and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.