Oman's Al Anwar Holdings said on Saturday it plans to start selling $35 million worth of shares of its power transformer and switchgear producer to the public from April 20.

'Everything is on track and the initial public offering will open on April 20, subject to Capital Market Authority approval,' the company's chief executive officer Krishnakumar Gupta said, adding that the sale would be open for a month.

Gupta said in February that Anwar aimed to raise about 13.5 million rials ($35.07 million) in the IPO of Voltamp Manufacturing Company.

The IPO of existing and new shares would value Voltamp at about 27 million rials, with the proceeds going towards funding expansion, Gupta said.

Oman Arab Bank is advising on the IPO. It would be Oman's first IPO this year, where the index is the second-best performer in the Gulf, up more than 14 per cent.

Muscat Securities Market Chairman Abdullah bin Salim Al-Salmi said in March the bourse expected as many as three companies to sell shares in IPOs this year.-Reuters