Oman Energy Firm’s Shares Drop in Debut After $2 Billion IPO
- OQEP closes 8% lower after staging Muscat’s biggest ever IPO
- Oman’s working on other listings, including OQ Base Industries
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Oman’s OQ Exploration & Production declined in its debut after a record $2 billion initial public offering, a rarity in the Middle East where listings have typically offered stellar returns in early trading.
Shares in the energy firm fell as low as 355 baisas per share on Monday. That’s 9% below the offer price of 390 baisas, which was at the top of the marketed range. It closed 8.2% lower.