OQEP to Offer Over 2 Billion Shares in Oman’s Largest IPO

OQ Exploration and Production (OQEP), a key subsidiary of the OQ Group and affiliated with the Oman Investment Authority (OIA), is preparing to launch the largest initial public offering (IPO) in the history of the Omani capital market. The Financial Services Authority has approved the company’s prospectus, allowing it to offer at least 2 billion shares, representing 25% of its capital, to the public starting September 30.

This landmark IPO aligns with the OIA’s broader strategy to divest government assets and support the objectives of Oman Vision 2040, aiming to attract national and foreign investments and expand the shareholder base.

Subscription Period and Pricing Details:

• The subscription period will be open for two weeks, ending on October 9 for individual investors and October 10 for institutional investors.
• The shares are divided into three categories: institutional investors, individual investors, and major investors.

Investor Conditions:

• Institutional Investors: Represent 40% of the total shares offered and will determine their price through an order book process, with a price range of 370 to 390 baisas per share.
• Individual Investors: Omani individuals can subscribe at a discounted rate of 351 baisas per share (10% discount from the 390 baisa ceiling), while non-Omani individuals can subscribe at 390 baisas per share.
• Minimum and Maximum Subscription: Institutional investors must subscribe to at least 100,000 shares with no maximum limit. Individual investors, who represent 40% of the total shares, can subscribe to a minimum of 500 shares and a maximum of 28,500 shares.
• Major Investors: This category, including qualified domestic and international investors, will receive 20% of the offering.

Significance of this IPO:

This IPO represents a unique opportunity for investors to participate in one of Oman’s leading oil and gas exploration and production companies, reflecting the country’s commitment to economic diversification and sustainable growth.

Information Source:

The prospectus, prepared by the issue manager, serves as the primary source of information for investors, providing essential data for informed investment decisions.

source: OQEP to Offer Over 2 Billion Shares in Oman’s Largest IPO – Oman Observer