Latham & Watkins advised Sembcorp Salalah Power & Water Company SAOG in connection with its initial public offering (IPO), which was 8.3 times oversubscribed and raised OMR 53 million (approximately US$137 million), making it the largest IPO in Oman this year as well as one of the largest in the Middle East region. Following the IPO, the shares of Sembcorp Salalah were admitted to trading on the Muscat Securities Market.
HSBC Bank Oman SAOG acted as Issue Manager for the offering. HSBC Bank Middle East Limited acted as Sole Global Coordinator and Bookrunner.
The Latham & Watkins Dubai-based corporate team was led by partner Andrew Tarbuck, with associates Nomaan Raja and Basil Al-Jafari. Tarbuck said: “We are proud to have worked with Sembcorp Salalah in completing its successful IPO. The strong demand seen from Omani and other regional investors is testament to the strength of Sembcorp Salalah’s business. This transaction continues the firm’s strong involvement in Middle East water and power projects having recently advised on the bank and bond refinancing for the Suweihat S2 project.”
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