Mubadala-backed SMN Power eyes $65 mln Muscat IPO

Mubadala-backed SMN Power eyes $65 mln Muscat IPO

SMN Power Holding, Oman's largest electricity producer part-owned by Abu Dhabi fund Mubadala, plans to raise 25 million rials ($64.9 million) by offering 35 percent of its shares in an initial public offering (IPO) on the Muscat bourse , a prospectus showed.

September 5, 2011 10:39 by Reuters

According to the prospectus, the company is offering 6.99 million shares at an offer price of 3.52 rials per share. The offer period opens on Sept 11 and closes Oct 10.

SMN Power is a joint venture between Mubadala, UAE firm Kahrabel FZE and Oman’s National Trading Co. The firm owns two major power projects and has a combined output of 1,343 megawatts (MW). Kahrabel and Mubadala each have 47.5 percent of SMN Power Holding with the rest held by National Trading Company.

Bank Muscat is the financial advisor and issue manager for the IPO. (Reporting by Dinesh Nair; Editing by Rachna Uppal)

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