Oman-based Sembcorp Salalah Power & Water Company raised OR53 ($137m) through its listing on the Muscat Securities Market.

The company, which has a market capitalisation of OR152m, sold 35 per cent of its share capital at a price of OR1.59 a share. The shares will start trading on 10 October.

HSBC Bank Oman acted as issue manager for the offering, while HSBC Bank Middle East Limited acted as sole global coordinator and bookrunner.

The Salalah independent water and power project (IWPP) began commercial operation in May 2012. The gas-fired plant has a total generation capacity of 490MW and the seawater desalination component has a total water production capacity of 15 million gallons a day (g/d). The developer will provide power to the Oman Power and Water Procurement Company (OPWP) for a period of 15 years.