MUSCAT: The subscription for two billion shares of OQ Exploration and Production Company, the largest in Oman’s history, begins today and will run until October 9 for individuals, and October 10 for institutional investors. This offering marks the first public subscription in Oman’s exploration and production sector, following the successful IPOs of Abraj Energy Services and OQ Gas Networks.
The IPO represents 25% of the company's shares, divided into three categories. Institutional investors have been allocated 800 million shares, equivalent to 40% of the total offering, priced between 370 and 390 baisas per share. Another 800 million shares, also 40% of the total, have been set aside for individual investors, split equally between major and small individual investors.
Small investors can subscribe to a minimum of 500 shares and a maximum of 28,500, while major investors can subscribe to a minimum of 28,500 shares without a maximum limit. The remaining 400 million shares, or 20% of the offering, have been reserved for key investors.
Omani individual investors will receive a discounted price of 351 baisas, a 10% reduction designed to encourage broader participation and investment. Eng.Ahmed bin Saeed al Izkawi, CEO of OQ Exploration and Production, stated that preparations are on track, and the IPO will open new opportunities for growth in the exploration and production sector.
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