Oman’s SMN Power Holding began trading on 10 October on the Muscat Securities Market (MSM) on 25 October after the completion of its initial public offering (IPO).

It was the first IPO in Oman this year. The issue was oversubscribed 1.7 times raising OR40.9m ($106m) against the target size of OR24.6m.

The company floated 35 per cent of its shares from 11 September until 10 October. Institutional investors subscribed to about 90 per cent of these public shares and the rest were made up of retail investors.

SMN Power Holding is owned by International Power, Abu Dhabi’s Mubadala Development Company and National Trading Company of Oman in a joint venture.