Following the successful close of the Initial PublicOffering (IPO) and the strong response generated with oversubscription achieved in both trances for the retail as well as for the large and institutional investors, Barka Desalination Company SAOG (BDC)successfully listed on the Muscat Stock Exchange (MSX) on 27 February 2022 under the ticker BRDE.

The IPO transaction was successfully executed through a book-building process for institutional and large investors with the live display of order book, participation of banks as well as brokers in the collection of application and the E-IPO process for applications by retail investors.

BDC’s Chairman Murtadha Sultan said, “This is indeed a proud moment for all the founder shareholders as it marks an important milestone in the successful journey of Barka Desalination Company. Congratulations to the entire team that has been part of the Barka IWPproject, and specifically this IPO. I would like to take this opportunity to extend our sincere thanks to the CMA for their continued guidance right through the IPO process, and MSX and MCD for their incredible support.”

Commenting on the achievement Patrick Thienpont, CEO of BDC said, “The listing of Barka Desalination on MSX is a time to reflect on the success of the company, and the importance of water as a valuable resource for the development of the nation. Barka Desalination is committed to continue its strong performance to deliver value for our existing and new shareholders. Thanks to the regulators, and also special thanks to all our IPO partners who are part of this success - BankMuscat Investment Banking, LegalAdvisors AMJ and all the collecting agents.”

Inspite of the global geopolitical events which have impacted global as well as regional markets in the last few days, BDC stock consistently traded at a premium to the IPO price of 145 baizas on the day of its listing. The scrip opened strongly at Bzs 150 and  touched a high of Bzs 152 during its first day of trading. According to market data, more than 3.1 million shares of BDC were traded on the day of its listing