Investors offered $406 million towards Voltamp's initial public offering, said an official at financial advisor Oman Arab Bank on Tuesday, the last day of the sale. It is almost 11 times more than the company is seeking.

Voltamp, a unit of Oman's Al Anwar Holdings that makes power transformers and switching gear, aims to raise 13.55 million rials ($35.19 million) in Oman's first IPO this year. The sale started on May 12.

The company has applied to list its stock on July 6, said the official, who did not want to be identified.

In September, investors offered 13 times more than the $156 million Galfar Engineering & Contracting Company, Oman's biggest construction company, was looking to raise in the country's second-biggest IPO.-Reuters