SMN Power Holding, Oman's largest electricity producer part-owned by Abu Dhabi fund Mubadala, plans to raise RO25 million ($64.9 million) by offering 35 per cent of its shares in an initial public offering (IPO) on the Muscat bourse , a prospectus showed.

According to the prospectus, the company is offering 6.99 million shares at an offer price of RO3.52 per share. The offer period opens on September 11 and closes on October 10.

SMN Power is a joint venture between Mubadala, UAE firm Kahrabel FZE and Oman's National Trading Company. The firm owns two major power projects and has a combined output of 1,343 megawatts.

Kahrabel and Mubadala each have 47.5 per cent of SMN Power Holding with the rest held by National Trading Company. Bank Muscat is the financial advisor and issue manager for the IPO.-Reuters