Sembcorp Industries Ltd., Southeast Asia’s biggest utility, said the initial public offering of its water and power venture in Oman was the largest of the year there and raised 53 million rials ($138 million).
Sembcorp Salalah shares of the oversubscribed IPO are expected to start trading on the Muscat Securities Market on or about Oct. 10, the utility said today on its website.
Sembcorp Salalah owns and operates the Salalah Independent Power & Water Plant. The facility includes a 445-megawatt gas-fired plant and a 69,000 cubic meter a day reverse-osmosis seawater desalination operation. The plant will provide power and water under a 15-year purchase agreement with state-owned Oman Power and Water Procurement Co., Singapore-based Sembcorp said.