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Oman’s OQ Gas IPO order book hits ‘record-high’ $10bn

By Pramod Kumar
A total of 2.1 billion shares, representing 49 percent of the company's issued share capital, were offered, making the OQGN IPO the 'largest-ever' in Oman Creative Commons
A total of 2.1 billion shares, representing 49 percent of the company's issued share capital, were offered, making the OQGN IPO the 'largest-ever' in Oman

Oman’s OQ Gas Networks (OQGN), the pipeline business of state energy giant OQ, said that the order book reached for its initial public offering was oversubscribed 14 times, reaching OMR4 billion ($10 billion) 

A total of 2.1 billion shares, representing 49 percent of OQGN’s issued share capital, were offered, generating OMR288 million, making the OQGN IPO the “largest-ever” in Oman. 

OQ will continue to own 51 percent of OQGN’s share capital.

The company raised OMR3.4 billion from institutional investors, achieving an oversubscription of 29 times. In the retail category, 155,000 subscribers participated, generating more than OMR480 million.

Anchor investors – Saudi Arabia’s Public Investment Fund, Qatar Investment Authority and Fluxys Belgium SA – committed OMR89 million.

The shares are expected to start trading on the Muscat Stock Exchange on October 24. 

Upon listing, the company will have a market capitalisation of OMR606 million, making it the third largest company on the MSX by market capitalisation.

In March 2022 the CEO of Muscat’s bourse said Oman aims to list 35 state-owned companies in the following five years.

Bourse turnover in the first six months of 2023 totalled $1.1 billion, down 25.7 percent year on year, while the number of shares traded plunged 44.5 percent over the same period to 1.53 billion.

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