GulfBase Live Support
12/10/2011 00:00 AST
The subscription to SMN Power Holding’s initial public offering (IPO) is seen at 1.6 times of its RO25 million share offer, market sources said.
However, top-level officials of both SMN Power and its issue manager BankMuscat did not confirm the total subscription, saying that they are still waiting for collection figures from interior branches of collecting banks.
“The company must have raised anywhere RO40-45 million through the public offer,” a market analyst said.
Market analysts added that a major chunk of the share offer was subscribed by institutional investors, and retail investors’ participation was limited to a minor portion of the total offer.
SMN Power initial public offering, which was open between September 11 and October 10, will be listed on the Muscat Securities Market on October 25.
Allotment
The company’s promoters offered a total of 6,987,246 shares to the investing public at an offer price of RO3.520 per share — which included a premium of RO2.5 and an issue expense of 20 baisas. The offer was open for both Omanis and foreigners.
The issue manager is expecting Capital Markets Authority (CMA) approval for proposed allotment on October 22, commencement of refund and dispatch of allotment notice on October 23.
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