Miahona, a Saudi Arabian water treatment company under Vision Invest, is considering a domestic initial public offering (IPO) as early as next year. The deal, potentially worth hundreds of millions of dollars, is being advised by Himmah Capital. This news comes on Tuesday, despite a turbulent start to the year and ongoing conflicts between Israel and Hamas.
The Saudi IPO market has shown resilience with a summer rebound that mirrors the wider Persian Gulf region. ADES Holding Co., based in Riyadh, exemplifies this trend. The company's shares soared 35% following its IPO.
Miahona specializes in wastewater treatment and urban water management. It advocates water reuse to minimize desalination and long-distance water transportation needs.
Vision Invest, Miahona's parent company, manages over $50 billion across various sectors such as power, water, manufacturing, utilities, and construction. It also supports Acwa Power, a key player in Saudi Arabia's strategy for low-emission energy supplies. Acwa Power had a successful IPO in 2021.
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