Today the Tadawul All Shares Index(TASI.SA) is trading higher, up by 0.38% to 11,596.57 as of 10:55 am in Riyadh.

Headline:

Today, June 6th, Miahona Co.(2084.SA) commenced trading on the Saudi Exchange, otherwise known as Tadawul, with the trading symbol 2084. The initial share price is set at SAR 11.50. Within the first 10 minutes of trading today, the company's shares surged by 30% to SAR 14.94, with 984K volume traded. During the first three trading days, the stock will be subject to a maximum daily price change of 30% and a static price change limit of 10%. Starting from the fourth trading day, the permissible daily price fluctuation will be adjusted to a maximum of 10%, and the static price limit will be discontinued.

Miahona Co. released 48.3 million of its shares for public offering, which accounts for 30% of the company's equity, each priced at SAR 11.50. The shares were distributed with 80% of the total offering designated for institutional participants and the remaining 20% allocated to individual retail investors.

Subscription levels were robust, with retail investor demand reaching 6.1 times the shares available to them, and the institutional tranche receiving subscriptions totaling 170 times the shares on offer.

All retail investors were guaranteed a minimum allotment of 10 shares. Any additional shares above this threshold were allocated on a proportional basis according to each investor's subscribed amount relative to the total number of shares available. This led to an overall allotment ratio of 11.6% for the retail investors.

Miahona, established in 2008 in Riyadh, is a subsidiary of Vision Invest and operates as a single-shareholder joint stock company. As a pioneer in developing water and wastewater projects under public-private partnership (PPP) models in Saudi Arabia, the company specializes in the entire water cycle management. Its operations encompass water production, distribution, wastewater collection and treatment, reuse of treated sewage effluent (TSE), as well as billing, collections, and customer service for both municipal and industrial clients.

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