SMN Power launches IPO

12 September 2011

The Omani company is floating 35 per cent of its shares and plans to raise $64m

Oman’s SMN Power Holding has launched its initial public offering (IPO) on11 September. The company is floating 35 per cent of its shares and hopes to raise OR25m ($64m).

It is offering 6.99 million shares at an offer price of OR3.52 per share. The offer period closes October 10 and the company hopes to list on the Muscat Securities Market (MSM) on 25 October.

SMN Power is Oman’s largest power company in terms of generated output. It is a joint venture between UAE’s Kahrabel, Abu Dhabi government investment arm Mubadala Development Company and Oman’s National Trading Company.

It is too early to tell how successful the IPO will be, but it will give a much needed boost to the MSM, which has been one of worst performing markets in the region this year.

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