Truckoman plans initial public offering on the Muscat stock exchange

15/05/2014 08:57 AST

Truckoman, which provides logistics services to oil and gas companies including Halliburton and Schlumberger, is planning an initial public offering (IPO) in the next two months on the Muscat stock exchange, three people with knowledge of the matter.

The Muscat-based company's free-float may be about 40 per cent after selling new and existing shares in the offering, the people said, declining to be identified as the information is private. Truckoman has hired Oman Arab Bank to advise on the offering, according to the people.

Omani companies are joining counterparts across the Gulf Arab region planning to raise funds as asset values and investor demand improves. As many as three companies in Oman, the largest non-Opec oil producer in the Arabian Peninsula, are expected to offer shares to the public this year in the Muscat Securities Market, Ahmed Saleh al Marhoon, director-general for the stock exchange, said in an interview February.

Truckoman, founded in 1978, employs more than 1,000 people and provides logistics and supply chain management services to leading oil and gas companies operating in the sultanate, according to the company's website.


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