Muscat: OQ Exploration and Production (OQEP) saw its shares fall by 9% on Monday, marking a challenging debut on the Muscat Stock Exchange MSX) after raising $2.03 billion in a record-setting IPO — the largest in Oman’s history. By the close of trading, shares had dropped to 356 baisas from the offering price of 390 baisas.
The Oman Investment Authority-affiliated company attracted significant investor interest, with demand exceeding the offer by 2.7 times, drawing particular attention from key institutional investors.
However, investors on the Muscat Stock Exchange noted that the price dip was “unsurprising.” Many early subscribers opted to sell immediately upon listing, aiming for quick returns.
Industry experts emphasized that revitalizing the market requires a strong investment ecosystem, underpinned by capable and forward-thinking management teams. They argue that such changes are essential to enhancing corporate contributions to Oman’s GDP, invigorating economic growth, and restoring investor confidence in the potential of Muscat’s stock market.
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