As many as six power generation and water desalination companies will launch their initial public offerings (IPOs) to list on the Muscat Securities Market (MSM) within three years, according to Oman Power and Water Procurement Company (OPWP). As per their project founders agreements, Oman’s independent water and independent power projects are required to offer a minimum 35 per cent of the share capital to the public within four years of the incorporation of the company. ‘There are six power and water sector projects that will be going for IPOs within next three years. Out of these six projects, four IPOs will be from power sector and two from water sector,’ Eng Yaqoob Saif Hamood al Kiyumi, chief executive officer of OPWP told Muscat Daily recently. Kiyumi said that the power and water sector companies currently account for approximately RO400mn of market capitalisation on the MSM. ‘We should see a large amount of additional capital to be listed on the stock market from these six new IPOs. With the sound record of these projects, I am sure they will only increase sector’s contribution to Oman’s capital market,’ he said. Kiyumi said, ‘The huge success of previous power and water companies’ IPOs provides a clear indication of investors’ faith in the development of Oman’s power and water sectors.’ Recently, Muscat City Desalination Company (MCDC) completed its IPO which was oversubscribed nearly 19 times. The shares of MCDC surged more than 35 per cent on listing at the Muscat Securities Market on Tuesday.Kiyumi said that the clarity in Oman’s regulatory processes created a friendly environment for developers and investors in power and water sectors. ‘There is a fair and transparent competition in the sector that will further enhance investors’ appetite to invest in power and water projects,’ he added.