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Muscat: Oman's Al Anwar Holdings said on Saturday it plans to start selling $35 million worth of shares of its power transformer and switchgear producer to the public from April 20.
"Everything is on track ... the initial public offering will open on April 20, subject to Capital Market Authority approval," the company's chief executive officer Krishnakumar Gupta said, adding that the sale would be open for a month.
Gupta said in February that Anwar aimed to raise about 13.5 million riyals ($35.07 million) in the IPO of Voltamp Manufacturing.
The IPO of existing and new shares would value Voltamp at about 27 million rials, with the proceeds going towards funding expansion, Gupta said.
Oman Arab Bank is advising on the IPO. It would be Oman's first IPO this year, where the index is the second-best performer in the Gulf, up more than 14 per cent.
Muscat Securities Market Chairman Abdullah bin Salim Al Salmi said in March the bourse expected as many as three companies to sell shares in IPOs this year.
Saudi project
Meanwhile, Al Anwar Holdings also announced on Saturday it had won approval to set up a 200 million riyal ($53.33 million) financial services firm in Saudi Arabia together with eight regional partners.
The new company, which will provide services including brokerage and corporate finance, will see Anwar, Bahraini investment bank Addax and Kuwait Investment each hold a 25 per cent stake in the new firm, Gupta said.
The remainder will be held by six other regional companies, Gupta said, without elaborating.
"We got the Saudi approval last week for a financial services company with a capital of 200 million riyals," Gupta said.
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