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15 July 2024

Oman bourse expects three IPOs

By Agencies


The Muscat Securities Market (MSM) expects about three companies to sell shares in initial public offerings this year and list them on the region's best-performing bourse, its chairman said on Tuesday.

"We are hoping to get more IPOs this year," MSM Chairman Abdullah bin Salim al-Salmi told Reuters in an interview.

"We are expecting two or three... they will hopefully list this year," Salmi said.

One of the firms is an industrial company, Salmi said. He declined to say how much the IPOs would raise.

Oman's Al Anwar Holdings said in February it aimed to raise about $35 million in an IPO of its power transformer and switchgear producer Voltamp Manufacturing Co in March.

In September, investors offered 13 times more funds than the $156 million Galfar Engineering & Contracting Co, Oman's biggest construction company, wanted to raise in the country's second-biggest IPO.

Oman's benchmark is up more than 16 per cent this year, the best performer in the Gulf Arab region. It surged almost 62 per cent last year.