Muscat – Subscription to the two billion shares offered by OQ Exploration and Production (OQEP) in its initial public offering (IPO) begins today, September 30. The IPO is open to subscribers from both Oman and abroad.
Subscription period for individual investors will continue until October 9, while institutional subscriptions will last until October 10.
OQEP’s share offering has emerged as the largest IPO in the history of Oman and marks the first IPO in the exploration and production sector, following the successful IPOs for Abraj Energy Services Company and OQ Gas Networks last year.
The offered shares represent 25% of OQ Exploration and Production’s total shares, divided into three main categories. The first category is the institutions category, which includes 800mn shares, equivalent to 40% of the shares offered for subscription, at a price between 370bz and 390bz per share.
The second category is the individuals category, also totaling 800mn shares, equivalent to 40% of the shares offered in this category. This category is divided equally into two segments: the large individual investors category and the small individual investors category, each comprising 400mn shares.
Small individual investors can subscribe to a minimum of 500 shares and a maximum of 28,500 shares. The large individual investors category allows subscriptions starting from a minimum of 28,500 shares, with no specified maximum limit.
The third category, for major investors, allows subscriptions of up to 400mn shares, which is equivalent to 20% of the shares offered for subscription.
The maximum share price for Omani individuals will be 351bz, reflecting a discount of 10% to encourage Omanis to participate in this offering and take advantage of available investment opportunities. For non-Omanis, the maximum share price will be 390bz.
The IPO aligns with the government’s economic diversification policies, embodying the goals of Oman Vision 2040 by engaging citizens and residents in government enterprises, thus expanding the ownership base.
ONA
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