MUSCAT: The upcoming IPO of OQ Base Industries (OQBI) has garnered significant interest, with four major institutional investors committing to 30% of the offering. Each investor has pledged to subscribe to 7.5% of the IPO, totaling approximately RO 56.4 million, cementing confidence in OQBI’s growth potential and market position.
The anchor investors include Falcon Investments LLC (a subsidiary of Qatar Investment Authority), Gulf Investment Corporation (GIC), Saudi Omani Investment Company (wholly owned by Saudi Arabia’s Public Investment Fund), and Oman’s Social Protection Fund. Their participation underscores OQBI’s appeal as the only integrated producer of methanol, ammonia, and LPG products in Oman.
Khalid Khalfan al Asmi, CEO of OQBI, expressed pride in the endorsement: “The commitment of these renowned investors reinforces our ambition to deliver value to customers, partners, employees, and shareholders through this IPO and beyond.”
The IPO price has been set at the top of the range at 111 baizas per share, reflecting strong demand. For Falcon Investments and the Saudi Omani Investment Company, this marks their second anchor investment in an OQ Group IPO.
Muteb al Shathri, Acting CEO of the Saudi Omani Investment Company, highlighted OQBI’s leadership in chemicals and its robust financial position: “OQBI’s cost advantage, secure gas supply, and successful business expansion make it a highly profitable enterprise with further growth potential.”
Meanwhile, GIC, making its first anchor investment in an OQ IPO, emphasised the significance of the transaction for regional capital markets. “OQBI is a strong Omani and regional business with tremendous growth prospects. This IPO reflects the rapid development of quality businesses and robust local capital markets in the GCC,” noted GIC.
From Oman’s perspective, the Social Protection Fund views this IPO as a milestone for the nation’s investment landscape. “The OQBI IPO underscores Oman’s growing reputation as an international investment destination,” said Nabil al Mahrouqi, Head of Regional Investments.
These strategic commitments not only lend credibility to OQBI but also reduce post-listing volatility. With the IPO already 30% subscribed and roadshows planned locally and globally, OQBI is poised for strong market reception. The robust investor backing underscores both domestic and international confidence, fueling optimism for its growth in the public market.
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