MUSCAT, NOV 12
The Pearl REIF, the largest IPO in the Muscat Stock Exchange (MSX) in the last seven years, generated an overwhelming response with over RO 35 million raised during the subscription phase.
The IPO received strong levels of response from both retail and institutional category of investors. REIF IPOs being rare in the Sultanate made this a challenging transaction and its success promises to be a key benchmark for similar future capital market offerings.
Wahbi al Riyami, Chairman of The Pearl REIF, said, “The response received for the IPO and the subscription numbers that we have witnessed reflects the robust offering which was underpinned by strong promoters, sound structure of the instrument and an experienced fund management team. Our thanks to all investors who have participated and the Capital Market Authority (CMA) and Muscat Clearing and Depository (MCD) for their continued support and guidance.” Aown Abbas al Bahrani, Deputy Chairman of the Pearl REIF and Director of Public Markets at Oman Investment Authority (OIA), said, “We are pleased that investors across segments have appreciated the opportunity and the response shows the confidence placed in the offering. We extend our sincere thanks to all our partners for managing the IPO process in an efficient manner.” The Pearl REIF IPO comprised an offering of 208,137,400 Offer Units at a price of 112 Baizas per Offer Unit (including Offer Price of 110 Baiza and Offer Expenses of 2 Baiza per Offer Unit) for subscription. The IPO received positive recommendations from leading brokerage houses in Oman.
Oman Investment Authority (OIA) and its subsidiary, Omantel are the promoters of The Pearl REIF. Sohar International is the Investment Manager and Issue Manager.