Markets Oman’s Abraj Energy set to raise $498m via 49% stake sale By Pramod Kumar March 7, 2023 Creative Commons OQ is selling 49 percent, equivalent to 377.39m shares, of Abraj in a public share sale Oman’s Abraj Energy Services, the oil and gas drilling business of state energy company OQ, has set its initial public offering price at 249 baizas per share, state-run Oman News Agency said. The company will, therefore, be valued at about $498 million. OQ is selling a 49 percent stake, equivalent to 377.39 million shares, of Abraj in a public share sale. The price range for the IPO was set last month at between 242 and 249 baizas per share. Shares are expected to commence trading on or around March 14. The Abraj IPO is part of the divestment plan of the sovereign wealth fund, Oman Investment Authority, to list on the stock market and provide investment opportunities to achieve the objectives of Oman Vision 2040. Abraj reported revenue of OR125 million ($322 million) for 2022, recording a compound annual growth rate of 23 percent from 2007 to 2021, driven by the growth of its drilling rigs fleet. The company plans to pay dividends at 85 percent of its profits for 2022. Last month Abraj Energy signed a strategic partnership with Saudi Arabian Chevron and Kuwait Gulf Oil Company to enhance drilling and oil extraction in the onshore partitioned neutral zone in the southern part of Kuwait.