OQ Exploration and Production to Raise $2 Billion in Muscat IPO

Oman, 25 September, 2024 : Oman’s OQ Exploration and Production (OQEP) is set to raise up to 780 million Omani riyals ($2.03 billion) through its initial public offering (IPO) on the Muscat Stock Exchange (MSX). The IPO has an indicative price range of 370 to 390 Omani baisas per share, valuing the company at up to OMR 3.12 billion.

The IPO will consist of 2 billion shares, representing 25% of OQEP’s total issued share capital. Six anchor investors, including Al-Hosn Investment Company and Bank Dhofar, have committed to subscribe for a total of 20% of the IPO at the final subscription price.

The offering will be divided into two tranches: 60% for eligible investors and 40% for retail investors in Oman. Subscription periods begin on September 30, with Category I closing on October 10 and Category II on October 9. Trading of shares on the MSX is anticipated to commence by October 28.

Source : www.zawya.com