"Following the closing of its successful Initial Public Offer (IPO), the Sharqiyah Desalination Company (SDC) yesterday announced the listing of its shares on the Muscat Security Market (MSM) under the code SHRQ. The opening price was OMR3.127 per share, while the offer price was OMR1.063 per share, which was an increase of 194 per cent.
This IPO, which was offered to individual investors, attracted an overwhelming demand.
Xavier Joseph, CEO, Sharqiyah Desalination Company said, "The IPO has been a real success and has evoked strong interest among investors. The total number of shares offered was 2,282,051, which was covered 13.1 times. The subscription amount was OMR31.9 million against the IPO size of OMR2.42 million."
Joseph further said, "Sharqiyah region needs more water in 2015 and 2016 for expansion, and if we want to be ready at the beginning of 2015, we need to finalise an agreement with the Omani authorities by the end of the year."
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