OQ Gas Networks Draws $10 Billion in Orders for Record Oman IPO
- OQ’s gas pipelines business IPO prices at top of range
- Offering, set to be Oman’s largest, raises $749 million
This article is for subscribers only.
Omani state energy firm OQ SAOC raised 288.2 million riyals ($748.6 million) in the initial public offering of its gas pipelines business after pricing it at the top of the range, making it the country’s biggest listing on record.
OQ sold about 2.1 billion shares, or a 49% stake, in OQ Gas Networks SAOG at 140 baisas per share, according to a statement Thursday. The listing drew about 4 billion rials in demand, showing investor appetite for share sales in the Gulf remains strong even as war flared up between Israel and Hamas.