Musandam Power Co. listed on Muscat bourse
The listing ceremony marking the milestone was held at the Muscat Securities Market under the ticket ‘MSPW’
MUSCAT: Following the successful close of the Initial Public Offering (IPO) and the strong response generated with about 3.5 times subscription, Musandam Power Company (MPC) was listed on the Muscat Securities Market (MSM) on Thursday, December 5, 2019, under the ticket ‘MSPW’.
The IPO successfully introduced several new market practices to Oman’s equity capital markets including book-building for institutional and large investors with the live display of order book, the participation of brokers in the collection of application and the E-IPO process for applications by retail investors.
A listing ceremony marking the milestone was held at MSM and was attended by senior members and dignitaries representing CMA, MSM and MCDC (Muscat Clearing & Depository Co.). Apart from external stakeholders, the ceremony also brought together members of the board, management team and employees of Oman Oil and Orpic Group.
Addressing the gathering, Ahmed Tufail Al Rahman, chairman of the Board of Directors of MPC said, “This is indeed a proud moment for Oman Oil and Orpic Group and LG International as it marks an important milestone in the successful journey of Musandam Power. Congratulations to the entire team that has been part of the Musandam Power project, and specifically this IPO. I would like to take this opportunity to extend our sincere thanks to the
CMA for their continued guidance right through the IPO process, and MSM and MCD for their incredible support.”
Commenting on the achievement Salim Al Hashmi, Project Director of MPC said: “The listing of Musandam Power on the MSM is a time for us to celebrate and also to recommit ourselves to continue on our performance to deliver value for our existing and new shareholders.
Thanks to the regulators, and also special thanks to all our IPO partners who are part of this success - Bank Muscat Investment continuously evolving technological advancements; as well the role that technology plays in the logistic, industrial and manufacturing and e-commerce sectors. The forum will conclude by addressing the challenges that women tech entrepreneurs face while entering and working in the technology field.
Ambassador Michele Cervone d’Urso, Head of European Union Delegation to Saudi Arabia, Bahrain, and Oman, “The forum will offer an immense opportunity for cross-cutting networking and identification of trade and investment opportunities between EU and the GCC countries.” He added, “The business linkages established will contribute to supporting the ongoing diversification strategies in key economic sectors as technology is concerned.”
Banking, Legal Advisers AMJ, Marketing Adviser OHI Leo Burnett, and all collecting agents, brokerages and analysts.
After opening strongly at 330 baisas, the scrip touched a high of 342 baisas, before closing at 334 baisas per share at the end of trading on December 5. According to market data, around 4.5 million shares of MPC worth around OMR1.5 million were traded on the day of listing. The IPO was priced at 316 baisas per offer share providing a gain of 5.7 per cent to the IPO investors based on the closing price.