Skip to content Skip to Search
Skip navigation

OQ production unit’s IPO set to raise $2bn

By Pramod Kumar
OQ Exploration & Production will offer 2 billion shares on September 30 on the Muscat stock exchange Oman News Agency
OQ Exploration & Production will offer 2 billion shares on September 30 on the Muscat stock exchange

OQ Exploration and Production (OQEP), a unit of Oman’s state energy company, OQ, is expected to raise a maximum of OMR780 million ($2.03 billion) from its listing on the Muscat stock exchange.

The offering, expected to be the country’s largest IPO, has been priced between 370 and 390 baisas per share with the final price to be set through the book-building process.

The company will offer 2 billion shares, or 25 percent of its total issued share capital, on September 30, with subscription closing on October 10.

The expected valuation on the listing is up to OMR3.12 billion.

The shares are anticipated to commence trading by October 28.

OQEP will pay out $600 million in annual dividends each year between 2024 and 2026. It will also pay a performance-linked dividend equal to 90 percent of the expected free cashflow after investments.

HSBC, Natixis, OIB and Sohar International have been appointed joint global coordinators, and Sohar International will act as the issue manager. 

Latest articles

Sahm Video length: 04:02

One million users for Saudi Arabia’s Sahm trading app 

“Riyadh has a population of 8 million. The government is going to double the population. That means money. That means capital,” says Steven Chou, chairman of Saudi-based fintech-driven financial company Sahm Capital.  “Local Saudis are keen to look for a new product. They are options lovers,” Chou says, adding that the sectors of interest include […]

In association with
Almarai intends to increase its poultry output 450 million birds by 2027

Almarai to increase poultry output by 35%

Almarai, the Middle East dairy and food production group, announced plans to increase its poultry output by 35 percent this year as it continues with its multi-billion-dollar expansion plans.  The Riyadh company reported fourth-quarter profit of SAR430 million ($115 million), an increase of 16 percent, as revenue rose 4.8 percent to SAR5.15 billion.  It announced a […]

Spain has hired Herrenknecht Iberica, a subsidiary of the German company that worked on the Silvertown tunnel project in London, scheduled to open in April

German company to assess proposed Spain-Morocco tunnel

A German-owned company has been awarded a contract to conduct a feasibility study on building an undersea railway tunnel between Morocco and Spain, the latest indication that the long-stalled plan could become reality. If built, the tunnel would be one of the longest of its kind worldwide and would make transporting goods and people between […]

Smiling Arab Muslim Islamic 30s woman user in headscarf black hijab using phone at home sitting on couch middle eastern girl lady holding mobile

KHC would consider TikTok stake if Musk bought in

Saudi Arabian Prince Alwaleed Bin Talal’s investment company Kingdom Holding (KHC) would be interested in investing in ByteDance’s TikTok if Elon Musk or others offered to buy it, CEO Talal Ibrahim al-Maiman told Al Arabiya TV on Wednesday. The search to find a buyer for the Chinese-owned popular short video app continues after it went dark and […]