DUBAI: The flotation of Phoenix Power Co, owner of Oman’s largest power plant, has been heavily oversubscribed, attracting over 1 billion rials ($2.6 billion) of bids from investors, the Oman News Agency (ONA) reported on Sunday.

The company sought to raise 56.3 million rials ($146.3 million) by offering a 35 percent stake in an offer open to both local and international investors, which ran until June 8.

ONA said the shares were expected to start trading on Oman’s bourse on June 22.

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 in April.

Prior to the IPO, which was 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.

Its offer was the first public share sale in Oman since the flotations last June of power firms Al Suwadi Power Co. and Al Batinah Power Co.