| 12 Sep 2007 |
|
Galfar Initial Public Offering raises over $2 billion
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MUSCAT -- Money raised by the engineering and contracting major Galfar through its initial public offering (IPO) has crossed $2 billion.
The IPO, which closed on Monday, has set a new record in the history of Omani capital market. According to reliable sources, the offer has mobilised RO800 million ($2.080 billion) as against the issue size of RO60 million.
As far as the allotment is concerned, retail investors will be greatly benefited as 60 per cent of the IPO (60 million shares) was reserved for individual investors. This is in line with the investor-friendly guidelines of the Capital Market Authority (CMA)Capital Market Authority (CMA)
. The IPO comprised 100 million ordinary shares at a price of RO0.602 per share -- nominal value of RO0.100, premium of RO0.500 and issue expenses of RO0.002 per share. Listing of Galfar shares is expected by next month end.
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