Published: October 7, 2013
Omani company completes the country’s largest IPO in 2013.
Sembcorp Salalah Power and Water Company, an Omani utility, will tomorrow start trading (October 8) on the Muscat Securities Market, 12 days after closing its IPO.
The company successfully listed 35% of its share capital, the equivalent of 33,410,019 existing ordinary shares, at a price of OMR1.590 (US$4.13) a share, or OMR53mn in total. The offering ran from August 28 to September 26 and has been described as the company’s management as "comfortably oversubscribed".
HSBC Bank Oman managed the issue with HSBC Bank Middle East acting as sole global coordinator and bookrunner.
Sembcorp Salalah Power & Water Company owns and operates the Salalah Independent Water and Power Plant. It has gas-fired electricity generation capacity of 445MW and produces 15mn gallons of desalinated water a day.