Saudi Arabia's Miahona Company, a developer & operator of sustainable solutions in water and wastewater projects, on Monday announced the price range for its IPO at 10.50 riyals ($2.80) to SAR 11.50 per share.

Bidding and book-building period for institutional tranche starts on Monday and ends on Thursday, Saudi Fransi Capital, the lead manager to the issue, said in a statement on Tadawul stock exchange.

Retail investors will be able to bid for the offering between May 21 and May 22 for 20% of the total offer.

The public-private partnership (PPP) firm intends to float 30% of its issued share capital by offering 48,277,663 ordinary shares currently held by Vision Invest, a Saudi investment holding company, which invests in PPP.

The final price per share will be determined after the completion of the book-building process, the brokerage added.

(Writing by Brinda Darasha; editing by Daniel Luiz) 
brinda.darasha@lseg.com