Oman's Phoenix Power Co, owner of the sultanate's largest power plant, has opened subscription for an initial share sale that would raise RO56.3 million ($146.3 million) from a 35 per cent stake, the Times of Oman newspaper reported on Sunday.

Subscription for the initial public offering, which is open to both local and international investors, will run until June 8, with 511,910,511 existing shares offered at a price of RO0.11 each.

Phoenix Power is a vehicle which owns, maintains and operates the Sur Independent Power Project, which generates 2,000 megawatts of electricity and was officially inaugurated last month, the newspaper reported.

Prior to the IPO, which will be arranged by Bank Muscat , Phoenix Power was owned by a consortium consisting of Marubeni Corp, Chubu Electric Power Co, Qatar Electricity & Water Company and local firm Multitech.

Owners of Omani power firms that have majority foreign ownership must conduct an initial share sale within five years of starting up, under licensing rules.

The ownership stakes post-listing were not given.

The director-general of the Muscat Securities Market told Reuters in March that two IPOs would take place before the summer: one utility and one family-owned business. – Reuters