By Saleh Al-Shaibany
Electrical equipment maker to list Monday after $35mn IPO was 23 times oversubscribed.
Shares of Voltamp Energy are to debut on Oman's bourse on Monday, after the electrical equipment maker's $35 million initial public offering (IPO) was 23 times oversubscribed, a lead manager official said on Saturday.
"We expect the shares to be listed on the bourse on Monday and the extra funds to be returned to investors from tomorrow," Loai Bataineh, a deputy general manager at issue manager Oman Arab Bank, told newswire Reuters. "The final count is that we have raised 330 million rials ($857.3 million)."
Voltamp, a unit of Al Anwar Holdings that makes power transformers and switching gear, started the share sale on May 12 and closed it on June 2. It was Oman's first IPO of the year.
Investors who applied for less than 10,000 shares will be allotted about 4.6 shares for each 100 they applied for, said a source close to the IPO. (Reuters)For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.