Abraj Energy announces final offer price of 249bz, oversubscribed 8 times

Eng. Ayad bin Ali al Balushi, Chairman of the Board of Directors of Abraj Energy Services, announced that the final offer price of Abraj shares was set at 0.249 Omani riyals per share, to be the highest level of the previously announced offering price range due to the high demand from both individuals and institutions. He revealed that the volume of subscriptions in the company's shares amounted to more than RO 790 million, where the subscription was covered by 870%, which exceeds the offered amount by more than 8 times thus making the IPO of Abraj the largest in the history of the Sultanate of Oman.

According to Al-Balushi's press statements, approximately 40,000 individual subscribers contributed 246 million Omani riyals to purchase over one billion shares. Meanwhile, the institutional subscription was oversubscribed by more than 21 times, with 132 participating institutions locally and internationally contributing more than 507 million Omani riyals within just 12 days. This impressive institutional subscription, with investment funds, regional, and international institutions accounted for a significant 46%, a clear indication of the confidence and strategic foresight of these entities in recognizing the potential of this lucrative investment opportunity. The remaining 54% of the institutional subscription was accounted for by Omani institutions.



The impressive turnout of both individual and institutional investors during the subscription process is a clear indication of the success of the IPO, and is a testament to the high level of investor confidence in Abraj. This turnout adds significant value to the reputation and strength of Abraj, and is an integral part of its success story. We take pride in the fact that the IPO of Abraj has generated such an enthusiastic response and strong demand from investors. This is evidence of the quality of this investment opportunity, the trust that investors have placed in Abraj's management and strategic direction, and the attractiveness of Abraj as an investment destination. These factors collectively form the first success of the upcoming series of IPOs that come within the divestment plan led by the Omani Investment Authority.

The Chairman of the Board of Directors of Abraj concluded his speech by saying: All the success that accompanied the IPO of Abraj Energy Services confirms the strong expertise and the strategic decision-making necessary to reach this important and historical moment, not only at the level of the company but the positive impact of that decision on our national economy. He expressed his thanks to all the investors who participated in the IPO, in addition to the stakeholders in the IPO process. Abraj will soon be among the top 10 companies listed on the Muscat Stock Exchange based on its market value.

From his side, Azzan Al Abdullatif, Head of the IPO Transaction Team, said: We are very proud of the success of the public subscription of Abraj Energy Services and welcomed all new investors to the company, whether individuals or institutions. He also noted that the positive participation rates in the public subscription of the company were a testament to the high level of investor confidence in Abraj's investment value. He attributed the success to the hard work and precise planning carried out by the subscription team and Abraj management since the inception of the project and until now, in coordination with all relevant parties. This national project was made a success with efficiency and competence, making it the largest in the history of the Sultanate of Oman.

The IPO of Abraj Energy Services comes within the framework of the divestment plan of Oman Investment Authority with the aim of attracting foreign investment, reinvesting the sums collected from subscriptions in new projects, positioning the Muscat Stock Exchange on an international scale by increasing the number of companies listed in it, in addition to empowering the private sector to lead the national economy.