OQ Gas Networks Soars After $749 Million IPO
- OQ Gas Networks is Oman’s second privatization this year
- IPOs in the Persian Gulf have held up well amid volatility
This article is for subscribers only.
OQ Gas Networks SAOG rose 7% on its Muscat trading debut after raising 288.2 million riyals ($749 million) in its initial public offering, Oman’s largest on record.
Shares in the gas pipelines business of Omani state energy firm OQ SAOC opened at 159 baisas on Tuesday, up from the offer price of 140 baisas. They later pared those gains to close at 150 baisas. OQ sold about 2.1 billion shares, or a 49% stake, in OQGN and the listing drew about $10.4 billion in demand. That showed investor appetite for share sales in the Gulf remains strong, even after war flared up between Israel and Hamas earlier this month.