Oman's Al Khalili Group, a family-owned diversified industrial group, is planning to sell a 40 per cent stake in an initial public offering, the lead manager of the issue said.

Pricing for the offering was expected to be completed in a few weeks, said deputy general manager Loay Bataineh of Oman Arab Bank, the lead manager of the issue.

Bataineh did not say what the issue price of the offer could be or how much the company was planning to raise.

The company has a paid-up capital of  OR15 million ($389.5 million) and has 150 million shares outstanding, the banker told Reuters.

On that basis, a 40 per cent sale could bring in about 60 million shares to the open market.

Al Khalili Group has interests in construction, electrical equipment, hardware and information technology, according to its website.

Last year, four major Omani companies -- Hasan Juma Backer Trading and Contracting, Oman Merchant Bank, Al Argan Towell Investment Company and Barr Al Jissah Resort -- all shelved plans for bourse listings due to weak market conditions.

The total value of IPOs in the Middle East and North Africa region fell 83 per cent in 2009 in the wake of the global financial crisis, according to a report by consultancy Ernst & Young.

Globally, IPO activity is charging ahead, riding on investors' increased risk appetite. – Reuters