EFG Hermes on Wednesday announced the completion of Dhofar Power Company’s initial public offering (IPO) on Muscat Securities Market at a total value of $52 million.

The leading investment bank was the global coordinator and bookrunner of the IPO, while Bank Dhofar acted as the placement manager, the Egyptian firm highlighted in a statement.

The bank’s first implemented transaction in the Omani market is part of its expansion strategy, Mohamed Ebeid, Co-CEO of EFG Hermes, said.

Main shareholders in Dhofar Power, including Riyadh-based ACWA Power, Mitsui & Co, and Dhofar International Development and Investment Holding (DIDI), offered a 40% stake, or 88.896 million shares, in Dhofar Power on the Omani stock market at OMR 0.225 per share in favour of a major financial institution.

Accordingly, the company’s total capital amounted to OMR 50 million ($130 million) at the listing time.

In June, the Omani Capital Market Authority approved floating 40% stake of Dhofar Power's capital, worth OMR 22.22, at a value of OMR 23 million.

The stock started its first trading session on Muscat Securities Market down 6.22%, leading top losers at 12:00 PM Muscat time.

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