Markets Oman’s OQ subsidiary Abraj Energy launches IPO By Pramod Kumar February 20, 2023 REUTERS/Angus Mordant Nearly 377.40 million shares will be put for sale, raising up to $244m The initial public offering (IPO) of Abraj Energy Services, a subsidiary of Oman’s state energy company OQ, opens today, February 20, 2023. A total of 49 percent of the issued capital, or 377.398 million shares, will be put up for sale, raising up to $244 million. The selling shareholders will have the right to adjust the IPO size at any time before the end of the subscription period, Oman Daily Observer reported. The tranche for institutional investors will run from February 20 till March 2, while retail investors can subscribe until March 1. 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 OMR125 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.