Muscat – After the remarkable success of its initial public offering (IPO), The Pearl Real Estate Investment Fund (The Pearl REIF) was successfully listed on the Muscat Stock Exchange (MSX) on Monday under the ticker ‘PRFD’.
The Pear REIF IPO – the largest initial public offering in Oman market in last seven years – attracted strong participation from all segments of investors, receiving an overwhelming subscription demand of over RO35mn against the issue size of RO23.3mn.
Speaking at the listing ceremony at the MSX, The Pearl REIF chairman Wahbi al Riyami, said, “The Pearl REIF offered a compelling and rare opportunity which was well appreciated by the investor community and members of the public. We are extremely pleased with the overwhelming response. I would like to take this opportunity to extend our thanks to the promoters, IPO partners, collecting agents, brokerages, analysts and all those who subscribed to the IPO.”
Aown Abbas al Bahrani, deputy chairman of The Pearl REIF and director of public markets at Oman Investment Authority (OIA), said, “This is a proud moment for the promoters OIA and its subsidiary Omantel as it marks an important milestone in the successful journey of The Pearl REIF. We welcome all new shareholders into The Pearl REIF family.”
After listing, the Pear REIF units opened at 115bz at the MSX on Monday and closed 4.46 per cent above its offer price.
OIA and its subsidiary Omantel are the promoters of The Pearl REIF. Sohar International is the investment manager of the fund and also the issue manager for the IPO.