OQ Gas Networks, the pipeline arm of Oman’s state oil company OQ, has completed its initial public offering (IPO) by raising 288 million Omani rials, equivalent to $750 million, marking Oman’s largest-ever IPO. The offering garnered “overwhelming demand” from both local and international investors, resulting in a total gross demand of more than 4 billion rials, highlighting a 14-fold oversubscription level, inclusive of anchor investors. Following the book-building and public subscription process, the final offer price has been set at 140 baizas per share.
OQ Gas Networks, which holds a monopoly over essential gas transportation infrastructure in Oman, is set to begin trading its shares on the Muscat Stock Exchange (MSX) under the symbol “OQGN” on October 24, with an anticipated market capitalization of 606 million rials, making it the third-largest company on the MSX by market capitalization. This milestone in the company’s IPO journey aligns with the broader divestment program orchestrated by the government and administered by the Oman Investment Authority, contributing to the sultanate of Oman’s economic development.