The Omani government has raised RO96.2m ($250m) through the initial public offering (IPO) of Oman Telecommunications Company (Omantel).

Combined with a private placement that took place in March, the sale of a 19 per cent stake raised a total of nearly RO204m. That reduces the government’s shareholding in the operator to 51 per cent.

Omantel’s shares will start trading in the week of 27 April.

Bank Muscat is acting as adviser and issue manager.