Investors are expected to have offered about $1 billion towards Voltamp's initial public offering, compared with a target of $35 million, a sales arranger said.

Voltamp, a unit of Oman's Al Anwar Holdings that makes power transformers and switching gear, started the share sale in the country's first IPO this year on May 12 and closed it on June 2.

'So far, we have received over $700 million but the figure may reach close to $1 billion after we have finished the final count,' an official from Oman Arab Bank, which is arranging the sale, told Reuters.

'This is frenzy buying. It shows a strong appetite for IPOs in Oman, thanks to a vast amount of liquidity in the market,' he added.

He said the final count would be finalised on Thursday.

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