Oman Energy Firm OQ to Sell 49% Stake in Oil-Drilling Unit IPO

The sultanate is looking to join the Gulf’s IPO boom
The Middle East IPO market bucked a global slump in IPOs

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By Archana Narayanan and Julia Fioretti

January 22, 2023 at 6:29 AM UTC

Updated on

January 22, 2023 at 6:51 AM UTC

This article is for subscribers only.

Oman energy firm OQ SAOC plans to sell up to 49% of its oil drilling unit Abraj Energy Services SAOC in an initial public offering, kick-starting the sultanate’s push to join a listings boom sweeping through the Middle East.

The subscription period will start in February and the shares are expected to start trading on the Muscat stock exchange in March, according to a statement. The IPO could raise as much as $500 million, Bloomberg News reported in September.