Subscription to the biggest initial public offering (IPO) in the sultanate’s history, of shares in Oman Telecommunications Company (Omantel), closed on 10 July. The issue was heavily oversubscribed, with large numbers of new investors signing up for shares.Of the 30 per cent – or RO 288 million ($738 million) – of the state telecoms provider’s shares on offer, 21 per cent – about RO 202 million ($518 million) – was offered only to Omani individuals while the remaining 9 per cent was allocated to local pension funds and other institutions. The 225 million shares were priced at RO 1.28 ($3.28) each. Subscriptions from individuals topped RO 620 million ($1,590 million). To benefit small investors, subscribers will receive all of the first 3,000 shares applied for and the remainder will be allocated pro rata. The process is due to be wrapped up by the first week of August, in order to comply with regulations requiring a listing within 21 days. HSBCis financial adviser and Bank Muscatis lead manager (MEED 17:6:05).