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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. 

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