Sembcorp Salalah Power & Water Company's initial public offering fully taken up

Sembcorp Industries (Sembcorp) announced Sept 26 the successful close of the initial public offering (IPO) of its joint venture in Oman, Sembcorp Salalah Power & Water Company (Sembcorp Salalah).

The firm owns and operates the Salalah Independent Power and Water Plant (Salalah IWPP), and trading of its shares on the Muscat Securities Market is expected to start on Oct 10.

Sembcorp Salalah's offering of 33 million shares, which is 35 per cent of its issued share capital, was open for subscription from August 28 to Sept 26 in Oman.

The IPO was oversubscribed with strong demand from investors from the Sultanate, the GCC and Europe.

About OMR53 million (S$173 million) was raised, which made it the biggest share offer in Oman so far this year.