Initial public offering raised $82.9m
Sharqiyah Desalination Companys initial public offering (IPO) on the Muscat Security Market has raised RO2.4m ($6.2m), the company announced on 30 June.
The opening price of RO3.1 per share was significantly higher than the offer price of RO1.1 per share, but is likely to drop within the next few days before fair value is established.
In June, Omans Al-Madina Insurance also announced it is planning an IPO, as it seeks to change its status to a Sharia-compliant takaful (Islamic insurance) firm. Under Omani regulation, only public companies are allowed to operate as takaful firms. The insurer plans to float 40 per cent of its capital in the listing, which is planned for the last quarter of 2013.
Omans stock exchange is one of the smallest in the GCC, with a total market capitalisation of slightly under $5bn.
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