Oil & Gas OQ production unit’s IPO set to raise $2bn By Pramod Kumar September 23, 2024, 8:29 AM Oman News Agency OQ Exploration & Production will offer 2 billion shares on September 30 on the Muscat stock exchange OQ Exploration and Production (OQEP), a unit of Oman’s state energy company, OQ, is expected to raise a maximum of OMR780 million ($2.03 billion) from its listing on the Muscat stock exchange. The offering, expected to be the country’s largest IPO, has been priced between 370 and 390 baisas per share with the final price to be set through the book-building process. The company will offer 2 billion shares, or 25 percent of its total issued share capital, on September 30, with subscription closing on October 10. Oil IPO is latest step towards Oman’s emerging market status Oman wealth fund to launch IPOs in divestment push Oman plans IPO of gas transport operator The expected valuation on the listing is up to OMR3.12 billion. The shares are anticipated to commence trading by October 28. OQEP will pay out $600 million in annual dividends each year between 2024 and 2026. It will also pay a performance-linked dividend equal to 90 percent of the expected free cashflow after investments. HSBC, Natixis, OIB and Sohar International have been appointed joint global coordinators, and Sohar International will act as the issue manager. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
