Barka Desalination Company to launch IPO

Barka Desalination Company to launch IPO

Muscat: Barka Desalination Company SAOG (under transformation) or BDC, owner of Oman's largest operating water desalination plant (Barka IWP), announced its intention to launch its Initial Public Offering (IPO). The company will offer 40 per cent of its share capital to the public through an IPO. Accordingly, BDC will offer 30, 208, 800 shares to the public through listing on Muscat Stock Exchange (MSX). As anchor investors in the IPO, National Power & Water Co. LLC (an investment arm of Bahwan Engineering Group), and Bank Muscat SAOG have committed to invest up to 10 per cent of the IPO at Bzs 145 per share i. e. the highest end of the IPO price range. BDC has been promoted by global leaders with vast experience in the water industry: ITOCHU Corporation from Japan, ENGIE and SUEZ from France along with WJ Towell Group from Oman. BDC caters to c. 23 per cent of water demand in Oman. BDC owned plant with proven desalination technology is a strategic asset located close to Muscat and is thereby a key water supply unit for Muscat city and the northern part of the Sultanate. BDC generates its revenues under a 20-year contracted water purchase agreement