VOLTAMP's INITIAL PUBLIC OFFERING NEWS

As many as 17.5 million shares or 70 percent of Voltamp shares was set side for retail investors with a maximum of 10,000 shares per individual.

The company earmarked 6.25 million shares, which constituted 25 percent of the offer, for non-retail investors. The balance five percent was reserved for employees and board of directors.

“A total number of 67 applications were received from the Voltamp employees and managers and they have been allotted 775,110 shares amounting to RO 420,104.20 according to their eligibility with a lock-in-period of six months from the listing date,” Lo'ai said.

The unsubscribed portion of the shares, earmarked for Voltamp staff, has been added to the individual's category as per the prospectus.

As per the final figures, Omani investors constituted 85 percent of the offer size in terms of value and 91 percent in terms of applications.

The value of the shares under fraction-reserved account (to be handled by Voltamp Energy) relating to 11,394 shares is RO 6175.548. As per the CMA instruction the company should sell these shares on the first day of trading on listing.

Market men expect the share to be quoted between 800-900 baisa on listing as institution who could not secure enough stocks from the primary market are likely to mop up stocks on listing.

The overwhelming response to the Voltamp IPO is indicative of the insatiable investor appetite prevailing in the Omani capital market. The last IPO which received an overwhelming response from the public was the offering of engineering and contracting major Galfar which raised Ro 872.969 million in September 2007against an issue size of RO 60 million, over subscribing by 14.5 times.

Post IPO the stake of the Al Anwar Group will decline to 29 percent, from the current 57 percent.

Voltamp Energy, the flagship company of Al Anwar Group, manufactures low voltage switchgear panel in collaboration with Schneider of France. The company has two subsidiaries – Voltamp Transformers Oman and Voltamp Manufacturing Company Qatar . A third subsidiary is expected to commence operations from 2010. The proceeds from the IPO will primarily go towards funding the new transformer manufacturing facility in Sohar. The much-awaited IPO of the RO 27 million Voltamp Energy opened for subscription on May 5.

The issue was open to both Omani and non-Omani nationals.